RCom's assets likely to be taken up by Airtel, RIL and three others

Source :SIFY
Author :SIFY
Last Updated: Mon, Nov 25th, 2019, 20:06:32hrs
RCom's assets likely to be taken up by Airtel, RIL and three others
New Delhi: According to latest news reports, telecom assets owned by debt-ridden Anil Ambani owned Reliance Communications are likely to be taken up by Bharti Airtel, Reliance Industries and three others. The telecom operators were reportedly bidding for these assets on Monday.

On Monday, the committee of creditors was to receive bids so far received. Monday is also the last date for bidders to quote for these assets.

Varde Partners, Bharti Airtel, Reliance Industries and UV Asset Reconstruction Company are reportedly the main contenders for the assets. Besides, I Sqared Capital was bidding for Rcom's data centre and optic fibre assets. News reports suggested that Reliance Industries was to submit its offer via a subsidiary.

Bharti Airtel that had withdrawn a previous bid was granted an extension of 10 days by the Committee of Creditors. A new quote had been placed by Airtel.

The secured debt at Reliance Communications has been estimated to approximately Rs 33,000 crore. By August, the submitted claims amounted to Rs 49,000 crore.

The NCLT court's order mandates the resolution professional (RP) to complete resolution process by 10 January, 2020. A previous attempt by RCom to sell its assets to Reliance Jio did not materialize. Jio cancelled the agreement to buy RCom's assets including spectrum after it was told to bear prior liabilities of the debt-ridden firm.

Insolvency proceedings by Swedish telecom manufacturer Ericsson also hit RCom. On Saturday, RCom's chairman Anil Ambani tendered his resignation after the company posted a consolidated loss of Rs 30,142 crores for July-September quarter. The losses soared after Supreme Court's ruling on dues pertaining to Adjusted Gross Revenue.

The board as well as CoC rejected Ambani's resignation and asked him to cooperate in the insolvency proceedings.

The RCom counters on the Bombay Stock Exchange managed to jump by over 4 percent in intra-day to quote Rs 0.69 per share (at the time of publishing this story).

Also Read from RCom News:

RCom's #10YearChallenge and what huge debts have turned this once telecom-disruptor into

Ericsson case against RCom: Anil Ambani appears before SC

NCLT declares RCom bankrupt, SBI-led lenders staring at damage of Rs 50,000 crores