Lenders approve resolution plan for RCom

NEW DELHI : The committee of creditors to Reliance Communications Ltd on Wednesday approved the resolution plans submitted by Reliance Jio Infocomm Ltd and UV Asset Reconstruction Company (UVARC) for the now-defunct telecom operator’s businesses, two bank officials said, requesting anonymity.

While Jio offered around ₹4,700 crore to buy the tower and fibre assets of Reliance Infratel Ltd, UVARC offered ₹14,000 crore for RCom’s real estate assets and telecom spectrum, as well as its enterprise and data centre businesses, which are part of RCom and Reliance Telecom Ltd, they said.

Jio and UVARC have committed to pay 30% of the total amount within 90 days.