MUMBAI: Reliance Jio Thursday (December 22) completed the acquisition of Reliance Communication Ltd's tower and fiber assets by paying Rs 3,720 crore to the lenders.
Sources said that the corporation has placed Rs 3,720 crore in the State Bank of India's escrow account (SBI).
The National Company Law Tribunal (NCLT) granted Jio's request for permission to purchase Reliance Infratel (RITL), an RCOM subsidiary that houses the tower and fibre assets, in November.
Jio was permitted by the tribunal to deposit Rs 3,720 crore in the SBI escrow account.
Jio filed a petition with the NCLT in Mumbai on November 6 with the intention of depositing Rs 3,720 crore in an SBI escrow account to finalise the purchase of Reliance Infratel.
Jio made a bid of Rs 3,720 crore in November 2019 to buy the tower and fibre asset from RCOM.
The Jio resolution plan was previously unanimously accepted by the Committee of Creditors on March 4, 2020, but the acquisition procedure was unable to be completed because of disagreements amongst the lenders regarding the allocation of monies.
Implementation of the resolution plan is delayed because of the ongoing legal proceedings over the distribution of the funds and issue of the "no dues" certificate, according to an application made by Jio subsidiary Reliance Projects and Property Management Services.
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