Reliance Infratel Resolution Plan Approved by NCLT Mumbai

New Delhi, Dec 3: The Reliance Infratel resolution plan has been approved by NCLT Mumbai. The lenders will get Rs. 4,400 crore from Reliance Digital Platform, a group company of Reliance Jio is the successful Resolution Applicant.

Reliance Infratel has 43,000 towers and 172,000 kms fibre. RITL is a 100% subsidiary of RCom.

The resolution Plan was approved by 100% of COC. The NCLT Resolution plan distribution is subject to disposal of Doha Bank Intervention Application, sources said.

This will clear the decks for Reliance Jio to pick up the tower and fibre assets of this bankrupt company.

According to the approved plan, RCom and its subsidiary RTIL will go to UVARCL while the tower unit, Reliance Infratel, will go to Reliance Jio for a total consideration of Rs 20,000-23,000 crore to be paid over a period of seven years.

(The above story first appeared on LatestLY on Dec 03, 2020 04:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).