Reliance Jio, UVARC emerge highest bidders for RCom property; lenders anticipate to get well Rs 25,000 cr

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New Delhi: UV Asset Reconstruction Firm (UVARC) and Reliance Jio have emerged as highest bidders in asset sale technique of debt-ridden Reliance Communications from which lenders anticipate to get well Rs 25,000 crore, based on banking sources.

Reliance Jio has positioned Rs 4,700-crore bids for cellular tower and fibre property of Reliance Infratel Ltd (RITL), a subsidiary of RCom.

UVARC has positioned bids of round Rs 16,000 crore for spectrum, actual property property in addition to the enterprise and knowledge centre companies held in RCom and Reliance Telecom Ltd (RTL).

“Jio and UVARC have emerged as the highest bidders at Rs 25,000 crore for RCom assets at committee of creditors (COC) meeting held on January 13, 2020,” a supply intently concerned within the improvement advised.

Bharti Airtel and Varde Capital had been additionally within the fray for RCom property.

 Reliance Jio, UVARC emerge highest bidders for RCom assets; lenders expect to recover Rs 25,000 cr

Representational picture. Reuters.

“In addition, the lenders will clawback the priority payments of around Rs 4,300 crore made to Chinese lenders (Rs 1,300 crore), Indian lenders (Rs 3,000 crore). Lenders will start recovering the monetisation proceeds starting March 2020,” the supply stated.

RCom’s secured debt is estimated to be round Rs 33,000 crore. Lenders have submitted claims of round Rs 49,000 crore in August.

With this, the 38 secured lenders of RCom would get well 75 % of the entire excellent of round Rs 33,000 crore.

That is the highest-ever restoration of dues by monetary collectors within the telecom sector that has seen the exit or shutdown of 9 out of 12 telecom firms since 2012, the supply stated.
The bidders have dedicated to pay 30 % of the proceeds of round Rs 7,500 crore inside 90 days, the supply stated.

The Committee of Collectors members must now receive their respective board approvals in order that they’ll put in last vote to approve the decision plans on January 31 forward of the NCLT submitting due by three February.

(Disclaimer: Reliance Industries Ltd. is the only beneficiary of Unbiased Media Belief which controls Community18 Media & Investments Ltd which publishes Firstpost)

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