Airtel, Bharti Infratel and private equity firm Varde Partners are amongst the six bidders who have submitted their bids for assets of Anil Ambani led RCom until 11th November 2019.
Crux of the Matter
Bharti Airtel has placed a conditional bid to buy spectrum of RCom. Bharti Infratel has submitted bids for mobile towers.
Reliance Jio has requested for 10 days extension of the asset sale deal deadline.
RCom committee of creditors will meet on November 13 to decide on the opening of the bids.
With a debt of nearly 46,000 crores; RCom and its units have spectrums in 14 of India’s 22 telecom circles, with approximate 43,000 telecom towers housed under Reliance Infratel and fibre networks and real estate assets which are being auctioned.
On the guidelines of The National Company Law Tribunal, Deloitte is overseeing the affairs of RCom and its two units and it is expected to conclude the sale of assets by January 10, 2020.
Curiopedia
Reliance Communications Limited was an Indian mobile network provider headquartered in Navi Mumbai that offered voice and 2G and 3G data services. In February 2019, the company filed for bankruptcy as it was unable to sell assets to repay its debt. It has an estimated debt of ₹ 46,000 crores. In the 2010 spectrum auction, Reliance obtained licenses for 3G spectrum in three cities at a total licensing fee of ₹58,642.9 million. The company ended its CDMA operations in 2016 and migrated its subscribers to its GSM and LTE networks by September the same year. More Info
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