Lenders may net Rs 20,000 crore: Jio, UV Asset Recast Co top bidders for RCom assets

KOLKATA | MUMBAI: Reliance Jio Infocomm and UV AssReconstruction Company (UVARCL) have been selected as the highest bidders for the assets of Reliance Communications and its two units, said people familiar with the matter. Conducted under an insolvency resolution process, the sale of assets may fetch the lenders around Rs 20,000 crore, about 60% less than the Rs 49,000-crore that RCom’s creditors had demanded, these persons added.

Bankers have named Jio as the preferred bidder for the tower and fibre assets housed in Reliance Infratel, while UVARCL will acquire the spectrum of RCom and its subsidiary Reliance Telecom. The Committee of Creditors (CoC) met on Friday and Monday, after which the decisions were taken and the bidders informed, one of the persons told ET.