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Last Updated : Nov 25, 2019 10:32 PM IST | Source: Moneycontrol.com

Reliance Jio, Bharti Airtel among bidders for Reliance Communications' telecom assets: Report

With an estimated secured debt of around Rs 33,000 crore, RCom has put its all assets for sale.

 
 
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Reliance Jio, Bharti Airtel, Varde Capital and UV Asset Reconstruction Company are likely among the bidders for the assets of debt-ridden Reliance Communications and its subsidiaries, banking sources told news agency PTI.

The committee of creditors (CoC) will be meeting again on November 29 to finalise the bids.

Sources told the agency that 11 bids have been received for the assets of three companies - RCom, Reliance Telecom and Reliance Infratel.

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However, I Squared Capital which was also expected to be in the fray for RCom's data centre and optical fibre business, did not submit bid, sources told PTI.

With an estimated secured debt of around Rs 33,000 crore, RCom has put all its assets for sale. This includes its 122 MHz of spectrum holding worth around Rs 14,000 crore (as per the company’s estimation before insolvency proceedings), its towers business for Rs 7,000 crore, optical fibre network at Rs 3,000 crore and data centres worth Rs 4,000 crore.

Claims of around Rs 49,000 crore were submitted by lenders earlier this year in August. The resolution professional (RP) is supposed to complete the insolvency process by January 10, 2020, as per an NCLT order.

After RCom posted a consolidated loss of Rs 30,142 crore for the July-September period following provisioning for liabilities after the Supreme Court’s AGR ruling on statutory dues, the company’s chairman Anil Ambani tendered his resignation.

However, the CoC rejected his resignation, asking him to cooperate in insolvency proceedings.

(With inputs from PTI)

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Nov 25, 2019 09:23 pm
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