Reliance Projects and Property Management Services, a Reliance Jio subsidiary, has deposited Rs 3,720 crore in an escrow account of SBI for the acquisition of the mobile tower and fibre assets of Reliance Infratel. In November, Jio had obtained the approval of the NCLT to acquire the assets for Rs 3,720 crore.
RITL, earlier an Anil Ambani-group company, has fibre assets of around 1.78 lakh route kms and 43,540 mobile towers in the country. The committee of creditors of RITL had approved the resolution plan by Jio on March 4, 2020 with a 100 per cent vote.
Anil Ambani had resigned as the chairman of R-Com — RelInfra was the holding company for the tower and fibre assets of R-Com — in 2019 after the company and its subsidiaries were admitted under the Insolvency and Bankruptcy Code in May 2018 for failing to pay dues of over Rs 45,000 crore. Of this, the debt of RITL is at Rs 41,500 crore.
Meanwhile, Reliance Strategic Business Ventures Ltd has acquired 23.3 per cent in Exyn Technologies for $25 million. Exyn specialises in aerial robotics, drone swarms.
