Tuesday 28 January 2020
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business-standard - 14 days ago

UVARC, Jio emerge highest bidders for RCom assets

UV Asset Reconstruction Company (UVARC) and Reliance Jio have emerged as highest bidders in asset sale process of debt-ridden Reliance Communications from which lenders expect to recover Rs 25,000 crore, according to banking sources. Reliance Jio has placed Rs 4,700-crore bids for mobile tower and fibre assets of Reliance Infratel Ltd (RITL), a subsidiary of RCom. UVARC has placed bids of around Rs 16,000 crore for spectrum, real estate assets as well as the enterprise and data centre businesses held in RCom and Reliance Telecom Ltd (RTL). Jio and UVARC have emerged as the highest bidders at Rs 25,000 crore for RCom assets at committee of creditors (COC) meeting held on January 13, 2020, a source closely involved in the development told. Bharti Airtel and Varde Capital were also in the fray for RCom assets. In addition, the lenders will clawback the priority payments of around Rs 4,300 crore made to Chinese lenders (Rs 1,300 crore), Indian lenders (Rs 3,000 crore). Lenders will ...

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