Airtel, Jio bid for RCom assets

come for the assets of three companies — RCom, Reliance Telecom and Reliance Infratel,” sources said. I Sqaured Capital, which was expected to buy for RCom’s data centre and optical fibre, did not submit bid, sources added.

RCom’s secured debt is estimated to be around `33,000 crore. Lenders have submitted claims of around `49,000 crore in August. “The CoC (committee of creditors) will meet again on Friday to finalise the bids,” sources added.

RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around `14,000 crore, towers business for `7,000 crore, optical fibre network `3,000 crore and data centres worth `4,000 crore.

As per the NCLT order, resolution professional (RP) has to complete the process by 10 January, 2020.

RCom in the past had tried to sell assets to various companies, including Jio, to clear debt but the deals did not crystallise. Jio cancelled agreement to buy RCom assets, including spectrum, as it did not want to bear the past liabilities of the firm.

Later, the insolvency proceedings against RCom started on a plea filed by Swedish telecom gear maker Ericsson after the company failed to clear its dues.RCom chairman Anil Ambani has tendered his resignation after the company posted a consolidated loss of `30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

— PTI