RCom hits upper circuit for 6th straight session
Business | November 29, 2019 11:10 ISTAlong with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids.
Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids.
"Bharti, Reliance Jio, Varde Capital and UVARCL have submitted their bids. Total 11 bids have come for the assets of three companies - RCom, Reliance Telecom and Reliance Infratel Limited," sources said.
Bharti Airtel, RIL and three others are likely to bid for the assets of debt-ridden Reliance Communications on Monday, according to sources close to the development.
Ambani along with four directors -- Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar -- had resigned from the company earlier this month.
The first priority for RCom, is to resolve its over Rs 40,000 crore debt, Anil Ambani told shareholders at the company's 14th annual general meeting.
Last week, Reliance Communications had completed the planned sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore, Reliance Jio Infocomm.
Reliance Communications in a regulatory filing said that it has "agreed to pay a settlement amount of Rs 550 crore to Ericsson on or before September 30, 2018".
Reliance Group's Chairman Anil Ambani on Tuesday announced plan to reduce the company's debt by Rs 25,000 crore to Rs 6,000 crore.
The ICBC and Export-Import Bank of China are planning to support China Development Bank's insolvency petition against RCom.
Moody's Investors Service has withdrawn debt-laden Reliance Communications' corporate family rating, citing a missed scheduled payment related to the company's dollar bond.
Shares of debt-ridden Reliance Communications touched a new low of Rs 9.75 in its first ever fall to single digits.
Aircel, however, denied the reports and added that the business at the company was going on as usual.
Anil Ambani-led Reliance Communications is struggling to repay Rs 45,000 crore of debt to its lenders.
Reliance Communications today agreed to merge its wireless telecom business with smaller rival Aircel to create the country's 4th biggest mobile phone operator.
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