Lenders to Anil Ambani’s RITL, RIL reach takeover deal

Lenders to the Anil Ambani-promoted Reliance Infrastructure Telecommunications Ltd (RITL) have come to an understanding with the winning bidder for the bankrupt company on completing the takeover two years after the deal was approved by the National Company Law Tribunal (NCLT). The winner is Reliance Projects & Property Management Services, an arm of the Mukesh Ambani-owned Reliance Industries (RIL), the country’s biggest company.

Banks led by the State Bank of India (SBI) have agreed to issue a no objection certificate (NOC) to RIL following which the Mukesh Ambani-promoted company will transfer the agreed amount to an escrow account. The NOC essentially is a no dues certificate for RITL, a procedure followed before the implementation of the resolution plan.