New Delhi: Mukesh Ambani, the richest person of the country, is going to buy Reliance Communication under the debt burden. According to sources, the State Bank of India (SBI) has approved the resolution plan of RCOM. For this, banks have hoped that it will recover their Rs 23,000 crore. Reliance Jio has offered Rs 4,700 crore to buy Reliance Communications' towers and fiber businesses (Reliance Infratel).
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UV Asset Reconstruction Company has bid Rs 14,700 crore for the assets of RCOM and Reliance Telecom. It is noteworthy that RCOM has to pay the outstanding amount of 4,300 crores to Indian and Chinese creditors on a priority basis. Anil Ambani has a debt of Rs 33,000 crore on RCom. The lenders have claimed 49,000 crores.
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After this, the stock of Reliance Communications has seen an increase today. At 2:10 pm, the company's stock was trading at a level of 0.75 after gaining 7.14%. It closed at the level of 0.70 on the previous trading day. Recently, RCOM tried to repay its debt by selling its assets. Anil Ambani contacted Jio for this. However, this deal was not done due to several reasons. This is because Jio refused to buy the RCOM asset. Jio had said that it would also have to bear the huge debt burden of RCom, which it does not want.
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