Info-tech

Airtel, RJio and 2 others bid for RCom assets

Rajesh Kurup Mumbai | Updated on November 25, 2019

In December 2017, Mukesh Ambani emerged as the white knight and announced the acquisition of the debt-laden RCom through RJio   -  REUTERS

Creditors panel likely to meet on Friday

Beleaguered telecom major Reliance Communications has received a total of 11 bids from four companies for assets housed under various subsidiaries, including that from India’s richest man Mukesh Ambani-controlled Reliance Jio Infocomm (RJio).

The others in the fray are Sunil Mittal-backed Bharti Airtel, PE firm Varde Partners and UV Asset Reconstruction Company (UVARCL), sources privy to the development told BusinessLine.

 

ALSO READ: RCom lenders extend deadline by 10 days to enable RJio place bid

 

Bharti Airtel, which had earlier withdrawn its bid citing unfair treatment, has submitted a revised bid for RCom assets.

“The bidders have placed multiple bids for separate assets, and hence RCom has received a total of 11 bids from four companies. The Committee of Creditors (CoC) is slated to meet again on Friday to decide on the further course of action, including finalising a winner,” one of the sources said.

RCom’s assets include spectrum, tower, fibre, media convergence nodes and real estate, housed under three companies — RCom, Reliance Telecom and Reliance Infratel. The bids were invited separately for each firm.

₹33,000-crore debt

RCom, which is undergoing insolvency proceedings, has a total secured debt of about ₹33,000 crore. The Anil Ambani group company’s assets include spectrum, tower, fibre, media convergence nodes and real estate.

RJio placed its bid on Monday, while some of the bids, including that of Varde Partners, came in much earlier, sources added. Airtel also submitted its fresh bid on Monday. When contacted, RJio and Bharti Airtel spokesperson declined to comment, while Varde Partners and UVARCL could not be contacted.

On November 13, RCom had received bids from firms, including Sunil Mittal-controlled Bharti Airtel and Bharti Infratel and PE firm Varde Partners. However, RJio did not place its bid, but had sought a 10-day extension, which was granted by the CoC. Later, on November 17, Bharti Airtel withdrew its bid citing extension of deadline as unfair.

The extended deadline for the bids ended today.

 

ALSO READ: Airtel withdraws RCom bid, citing unfair treatment

 

Published on November 25, 2019

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