Jio to Acquire Reliance Infratel for Rs 3,720 Crore
24th Dec 2022
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Jio to Acquire Reliance Infratel for Rs 3,720 Crore
- Reliance Projects and Property Management Services — a subsidiary of telecom major Reliance Jio — has deposited Rs 3,720 crore in an SBI escrow account to acquire mobile tower and fibre assets of Reliance Infratel.
- Reliance Infratel has fibre assets of about 178,000 route kilometres and 43,540 mobile towers across the country. The National Company Law Tribunal (NCLT) gave an approval to Jio for the acquisition of Reliance Infratel (RITL).
- The Mukesh Ambani-led Reliance Jio had placed a bid of Rs 3,720 crore in November 2019 to acquire the tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications.
- The tribunal had asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM’s tower and fibre assets.
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