Jio proposes to deposit Rs 3,720 crore in escrow account to acquire RCom’s tower, fibre assets

Telecom operator Jio has proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing liquidation process.Billionaire Mukesh Dhirubhai Ambani-run Jio placed the bid of Rs 3,720 crore in November 2019 to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani managed firm Reliance Communications.

Jio’s subsidiary Reliance Projects and Property Management Services in an application before NCLT last month said that the company is committed to and is willing to implement the resolution plan of Reliance Infratel, which was approved by the committee of creditors earlier.Jio said delay in acquisition of RITL (Reliance Infratel Ltd) assets due to inter-creditor disputes will deteriorate the value of assets.”In order to avoid any further delays, the applicant proposes to deposit the total resolution amount in an account with State Bank of India as was directed by this hon’ble tribunal in the plan approval order,” Jio’s arm said in a fresh application before NCLT Mumbai.