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Airtel, Infratel among six bidders for RCOM’s assets

November 13, 2019
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According to industry sources, Reliance Communications (RCOM), which is going through insolvency proceedings, has received bids from about six firms including Bharti Airtel, Bharti Infratel and private equity (PE) firm, Varde Partners for the sale of its assets.

However, Reliance Jio has reportedly not placed its bid for the assets and has sought a 10-day extension. The deadline for submitting the bids ended on November 11, 2019.

RCOM’s committee of creditors (CoC) is scheduled to meet soon to take a call on opening of the bids. It will also decide on granting more time to Reliance Jio for submitting its offer. The CoC comprises about 40 lenders, including the State Bank of India, the China Development Bank and the Industrial and Commercial Bank of China.

RCOM’s assets include spectrum, tower, fibre, media convergence nodes and real estate, which are housed under its subsidiaries Reliance Telecom and Reliance Infratel.

Earlier, in October 2019, RCOM’s resolution professional (RP) had stated that the National Company Law Tribunal (NCLT) had extended the date for completion of the asset-sale to January 10, 2020.

 
 
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