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Airtel withdraws bid for RCOM assets citing unfair conduct

November 18, 2019
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Bharti Airtel has withdrawn its bid to acquire Reliance Communications’ (RCOM) assets.

The move comes after RCOM’s committee of creditors (CoC) had agreed to extend the deadline for submitting the bids by 10 days. The extension was provided on the request of Reliance Jio.

As per Airtel, the decision to extend the deadline was unfair as RCOM had earlier rejected its request to extend the deadline.

On October 31, 2019, Airtel had requested an extension from November 11 till December 1 which was rejected by the CoC. According to Airtel, it was forced to submit its bid in haste to meet the deadline.

However, Airtel has not ruled out submitting a fresh resolution plan within the new deadline.

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