Recently, telecom company Bharti Airtel has withdrawn its bid to buy Anil Ambani's Reliance Communications property. Actually, the behavior of the committee of lenders is being questioned by Airtel. Wherever Airtel has termed the committee's move to extend the deadline for submission of bids on the request of Reliance Jio as completely unfair and biased.
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Airtel official wrote a letter: According to the information received, Airtel's finance director Harjit Kohli wrote a letter that when Airtel requested to extend the deadline, the committee of CoR's lenders (COC) was rejected. But later again the time limit for bidding has been extended to include a company in the process.
Reliance Jio requested: The same Reliance Jio had requested to extend the time limit for 10 days for the property sale deal. Later the COC had extended the time limit by 10 days and a decision is being taken to open the bid on 25 November.
These companies had bid: Let us tell you that Bharti Airtel, Bharti Infratel and private equity company Verde Partners had submitted bids for the assets of Reliance Communications. Airtel submitted a bid for the purchase of RCom spectrum. At the same time, the bid for the mobile tower was submitted by Bharti Infratel.
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There is so much debt on RCom: As of 31 March 2019, RCom had a debt of about 35,600 crore rupees. RCom's total liabilities include license fee of Rs 23,327 crore and a spectrum usage fee of Rs 4,987 crore. RCom and its subsidiaries have not made provisions for interest of Rs 1,210 crore and foreign exchange fluctuation of Rs 458 crore.
That's why RCom is selling properties: According to the quarterly results released on Friday, the company had a loss of more than 30 thousand crores. This is the second-largest loss in corporate history after Vodafone-Idea. The company is selling its properties to repay the debt. On the same Saturday, Anil Ambani has resigned as the director of Reliance Communications.
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