According to a regulatory filing, Mukesh Ambani's Reliance Industries Limited has acquired Anil Ambani's Reliance Infratel Limited under the bankruptcy code, through its subsidiary Reliance Projects and Property Management Services. This deal approved by NCLT, gives full control of Reliance Infratel's assets to telecom giant Jio, which deposited Rs 3,720 crore in an escrow account to complete the acquisition.
Reliance infratel allotted 50 lakh shares collectively worth Rs 5 crore, and convertible debentures worth Rs 3,720 crore. Its paid up capital has been cancelled, which means that Reliance Industries now owns 100 per cent of Reliance Infratel's share capital.
In a separate filing, Reliance Industries Limited also informed that it has picked up a 23 per cent stake in US-based robotic autonomy firm Exyn Technologies, for $25 million. This will facilitate a collaboration on robotics, drones and industrial safety between the firms, and will boost developments of robots that can navigate challenging terrains without GPS.
