New Delhi : The National Company Law Tribunal (NCLT) on Monday passed an order allowing the Aircel-Reliance Communications merger and the Brookfield Towers sale to proceed. According to sources, the NCLT has also allowed Reliance Communications’ (RCOM) tower arm’s 51 per cent stake sale to Brookfield for Rs 11,000 crore.
RCOM and Aircel had signed a definitive document for a proposed merger scheme of their respective wireless businesses on September 14, 2016. Subsequently, the two telecom operators moved all the relevant statutory and regulatory bodies for approval of the merger scheme. The Competition Commission of India gave its approval to the merger scheme in February 2017.
The two transactions will bring down RCOM debt by Rs 25,000 crore, or 60 per cent. Sources said the merger scheme before the NCLT-Mumbai Bench will see the final order being passed on September 13, 2017.
RCap to list Reliance General Insurance
Reliance Capital has filed an application with insurance regulator IRDAI for selling up to 25 per cent stake in its general insurance arm RGIC to raise about Rs 1,500-2,000 crore. Reliance General Insurance (RGIC) is the fourth general insurance company to have announced its intentions to list in the stock exchanges. Sources said Reliance Capital has filed application with the Insurance Regulatory and Development Authority of India (IRDAI) for the IPO.