Bharti Airtel, two others bid for bankrupt RCom’s assets1 min read . Updated: 26 Nov 2019, 03:28 PM IST
- RCom owes debtors ₹86,187.58 crore at a consolidated level
- Today was also the last day for bid submission, 10 days after IR professional Anish Niranjan Nanavaty of Deloitte India extended the previous deadline
Bharti Airtel Ltd, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Ltd have submitted their resolution plans for Reliance Communications Ltd (RCom) that is undergoing insolvency proceedings.
The resolution plans were presented to the committee of creditors (CoC) of Reliance Communications in a meeting held on Monday, the Anil Ambani group company notified the stock exchanges.
Monday was also the last day for bid submission, 10 days after insolvency resolution professional Anish Niranjan Nanavaty of Deloitte India extended the previous deadline.
According to a Mint report, Airtel and its subsidiary Bharti Infratel Ltd, which had earlier bid together for assets of RCom, are likely to have bid jointly again. That bid was withdrawn in protest against the deadline extension made on the request of Mukesh Ambani-promoted Reliance Jio Infocomm Ltd.
“We are bound by confidentiality obligations and are unable to comment on client-specific matters," a Deloitte India spokesperson had said in an email to Mint.
China Development Bank, Life Insurance Corporation of India, State Bank of India (SBI), Exim Bank of China and Bank of Baroda are among the 41 creditors to the beleaguered company.
According to information available on the RCom’s website, the company owed financial creditors ₹49,193.46 crore at the time of being taken to bankruptcy court in May last year.
The company has two subsidiaries — Reliance Telecom Ltd and Reliance Infratel Ltd. These two owe financial creditors ₹24,306.27 crore and ₹12,687.65 crore respectively.
RCom owes debtors ₹86,187.58 crore at a consolidated level. This is besides ₹28,837 crore it owes to the Department of Telecommunications (DoT) in spectrum dues and other charges as well as the amounts it has to pay its operational creditors.
Reliance Communications’ assets include spectrum, towers, fibre, data centres and real estate housed under its subsidiaries Reliance Telecom and Reliance Infratel.
Reliance Jio had last year agreed to buy assets of Reliance Communications that included its spectrum, 43,000 telecom towers and 178,000 route km of optic fibre. The deal failed to secure the requisite clearance from the DoT.
The resolution professional had on 13 November received bids from firms including the Airtel-Bharti Infratel combine and private-equity firm Varde Partners.