Bharti Airtel treads where Reliance Jio is measuring its steps – RCom’s assets
- Airtel, Infratel among others have placed bids for the assets of Reliance Communication.
- However, Reliance Jio has still not placed a bid.
Reliance Communicationshas total assets worth ₹40,721 crores.
Unlike many high profile bankruptcies like Jet Airways which are finding it tough to get bidders, six companies including Airtel have bid for RCom’s assets.
However, many expected his brother Mukesh Ambani’s Reliance Jio to bid for the spectrum, fiiber and tower assets of RCom. Jio which had bid for the assets before RCom went into bankruptcy had to take it back, after the status of the indebted telecom company changed. But this time around, Jio has not placed a bid yet, and instead sought for an extension to the November 11 deadline.
The bankrupt Reliance Communications reportedly has total assets worth ₹40,721 crore, according to Moneycontrol.
According to reports, Rcomm’s assets include airwaves in 14 telecom circles, 43,000 telecom towers, licence for its 800 MHz 4G spectrum (that is set to expire in July 2021), along with other real estate.
Jio had earlier bought optic fibre and assets for ₹3000 crore and media convergence nodes and infrastructure for ₹2000 crore.
In May 2019, Reliance Communications moved to the National Company Law Tribunal to file for bankruptcy. It had saddled a total debt of ₹46,000 crore, and had been trying to sell assets to pay off some of it long before it landed into insolvency.