(PTI)
The board of State Bank of India (SBI) is learnt to have approved resolution plan for Reliance Communications through which lenders are expected to recover around Rs 23,000 crore.
UV Asset Reconstruction Company is believed to have placed bid of around Rs 14,700 crore, while Reliance Jio has made an offer of Rs 4,700 crore for tower and fibre assets of Reliance Infratel. There will also be a clawback of Rs 4,300 crore of priority payments made to Chinese and Indian creditors.
Jio placed bid for tower and fibre assets of Reliance Infratel (RITL) and UVARC for assets of RCom and Reliance Telecom. “SBI board has approved resolution plan for RCom. It is expected to vote favourably for the RCom resolution plan at the committee of creditors (COC) Meeting. Voting on the RCom Resolution Plan has started at the COC and will end on March 4,” according to sources privy to the development.
