Why is RJio eyeing Anil Ambani's Reliance Communication assets

Why is RJio eyeing Anil Ambani's Reliance Communication assets

FPJ Web DeskUpdated: Monday, November 25, 2019, 03:21 PM IST
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Reliance Jio Infocomm (RJio), a company controlled by Asia's richest man Mukesh Ambani,, along with Bharti Airtel and three others may bid for the assets of debt-ridden company has placed bids for the assets of debt-laden Reliance Communications (RCom) on Monday.

“RJio has placed its bids today,” a source said, but did not provide further details.

This follows an extension given to the company by the Committee of Creditors (CoC), who had extended the deadline to another 10 days to enable RJio place bids.

"Varde Partners, Bharti Airtel and Reliance Industries, UV Asset Reconstruction Company (UVARCL) are among the main contenders for RCom assets," sources said.

The last date to submit bids will end on Monday and RCom committee of creditors will also meet on the same day to open bids.

RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.

As per an National Company Law Tribunal (NCLT) order, resolution professional has to complete the insolvency process by 10 January, 2020.

RCom in the past had tried to sell assets to various companies, including Reliance Jio, to clear debt but the deals did not crystallise.

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