News Desk: Mukesh Ambani’s younger brother Anil Ambani is said to be in debt, while other brothers are running high day by day, meanwhile a news is coming out that Anil Ambani’s Reliance Communication tower and 5 businesses will be bought by Mukesh Ambani. This is a big deal. Talking about the cost of HD, it has been done in 37 hundred crore rupees. Explain that Reliance Projects and Property Management Services, a subsidiary of Jio, will acquire Reliance Infratel (RITL).
The company has a debt of 41,500
RITL is the holding company for R-Com’s tower and fiber assets. Anil Ambani resigned as chairman of R-Com in 2019 under the Insolvency and Bankruptcy Code (IBC) for failing to pay dues of over Rs 45,000 crore. Of this, RITL has a debt of Rs 41,500 crore.
The tribunal on Monday approved Jio’s acquisition of RITL. NCLT has asked Jio to deposit Rs 3,720 crore in an escrow account with State Bank of India (SBI) to complete the process of acquisition of tower and fiber assets of R-Com. The committee of creditors had approved Jio’s resolution plan on March 4, 2020, with 100 per cent votes.