Reliance picks up part of Jio debt

Reliance Industries Ltd (RIL) has taken over some of the debt liabilities of Reliance Jio Infocomm Ltd (RJIL) after gaining approval from the Ahmedabad bench of the National Company Law Tribunal (NCLT).

“We refer to the disclosure made by RJIL, a wholly owned subsidiary of the company, dated March 18, 2020, regarding approval of the scheme of arrangement among RJIL and certain classes of its creditors (the scheme) by NCLT, Ahmedabad bench, for transfer of certain identified liabilities to the company,” RIL said in a filing to the stock exchanges on Wednesday.

While RIL did not disclose the amount of liabilities, it had earlier said Rs 1.08 trillion of RJIL debt will be transferred. In October last year, RIL had announced the separation of its digital business into a new step-down subsidiary, called Jio Platforms Ltd.