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Jio To Buy RCOM Assets.The National Company Law Tribunal (NCLT) on Monday gave its approval to Reliance Jio subsidiary Reliance Projects and Property Management Services for the acquisition of Reliance Infratel (RITL) that owns tower and fibre assets of Reliance Communications.

The NCLT has asked Jio to deposit ₹3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets.

Earlier this month, Jio had moved the tribunal to speed up the acquisition of Reliance Infratel.

It sought from the tribunal that it should be allowed to “deposit the total resolution amount in an account with SBI" and direct the parties involved, “that upon such deposit, the resolution plan shall stand implemented and the applicant shall acquire ownership and control of RITL in terms of the resolution plan."

On 6 November, Jio had proposed to deposit ₹3,720 crore in an escrow account to complete the acquisition of RITL, which is undergoing an insolvency resolution process.

Back in November 2019, billionaire Mukesh Ambani-led Jio placed a bid of ₹3,720 crore to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications.

The Committee of Creditors has already approved the resolution plan by Jio on March 4, 2020 with a 100 per cent vote.

As per an application moved by Reliance Projects and Property Management Services, a subsidiary of Jio, due to the pendency of the proceedings over the distribution of the amount and issuance of 'no dues' certificate, implementation of the resolution plan is delayed.

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