Jio, UVARC emerge top bidders for RCom assets with bids worth Rs 21,000 cr

Mukesh Ambani’s Reliance Jio Infocomm and Delhi-based UV Asset Reconstruction Company (UVARC) are learnt to have emerged the highest bidders for the assets of Reliance Communications (RCom) and its subsidiaries, according to banking sources.

The combined bid amount is Rs 21,000 crore.

The Anil Ambani-run company went through the insolvency process, and was referred to the National Company Law Tribunal (NCLT) in May last year after an offer from Reliance Jio to buy its assets did not find favour with the creditors. The conditions imposed by the department of telecommunications too were a hindrance.

The resolution professional (RP) was appointed in June.