Reliance Jio, UVARCL set to snag RCom assets

Mumbai: UV Asset Resolution Co (UVARCL) and Reliance Jio Infocomm (Jio) are set to be declared the preferred bidders for Reliance Communications’ (RCom) assets after lenders overwhelmingly voted in favour of the resolution plans submitted by these companies, people familiar with the voting which was completed late on Wednesday evening said.

The approval was almost unanimous with a few small financial creditors refraining for voting, people familiar with the process said. As a result, the vote was much higher than the required 66% of lenders by value.