Mukesh Ambani is going to buy his younger brother Anil’s company for ₹3,720 crore, gets approval from NCLT

Mukesh Ambani Acquisition Reliance Infratel: The days of Indian businessman Anil Ambani are not going well. Due to which his Reliance Infratel (RITL) company has come on the verge of being sold today. But this company of his is going to be bought by Reliance Jio, the company of his brother Mukesh Ambani, the country’s big industrialist. For this, the National Company Law Tribunal (NCLT) has approved Reliance Jio on Monday for the acquisition of Reliance Infratel. The NCLT has asked Jio to deposit Rs 3,720 crore in an escrow account with the State Bank of India (SBI) to complete the acquisition of RCom’s tower and fiber assets.

Deal running since 2019
It may be noted that Reliance Jio had proposed to deposit Rs 3,720 crore in an escrow account on 6 November 2019 to complete the acquisition of Reliance Infratel. Reliance Infratel is actually facing the insolvency resolution process. Mukesh Ambani-led Jio had in November 2019 bid for Rs 3,720 crore to acquire the tower and fiber sector assets of debt-ridden subsidiary Reliance Communications, managed by his younger brother Anil Ambani.

so many mobile towers
The Committee of Creditors (COC) approved the resolution plan of Jio with 100 per cent vote on March 4, 2020. RITL has fiber assets of about 1.78 lakh route kilometers and 43,540 mobile towers across the country.

RBI started the process
Let us tell you that the Reserve Bank of India (RBI) had started the process last year itself to declare Reliance Capital Limited, a debt-ridden company of Reliance Group, as bankrupt. RBI has sought permission from NCLT. Which has been approved today.

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