Reliance Jio, Bharti Airtel puts in bids for RCom assets
Reliance Jio Infocomm and Bharti Airtel are both reported to have submitted bids for Reliance Communications (RCom) assets.
Under the Insolvency and Bankruptcy Code (IBC) process RCom, Reliance Telecom and Reliance Telecom Infrastructure as well as the subsidiaries that control RCom's real estate and data centre businesses, are all open for bids.
According to reports, as well as Reliance Jio and Bharti Airtel, Varde Partners and UV Asset Reconstruction Company are the main contenders for the acquisition of RCom’s assets. Additionally, I Squared Capital, the private equity firm also bidding for Aircel’s fibre assets, is bidding for RCom's data centres and optic fibre assets.
Last year Reliance Jio agreed to buy RCom assets that included its spectrum, 43,000 tower sites and 10,000km cable route, that fell through after failing to secure the required clearances from the Department of Telecommunications (DoT).
In accordance with the National Company Law Tribunal (NCLT) order, the process must be completed by 10 January 2020.
Company chairman Anil Ambani along with four other had tendered resignations earlier this month, only for it to be rejected by lenders insisting that Ambani and its directors to participate in the company’s insolvency proceedings.