New Delhi, May 30 (IANS) The National Company Law Appellate Tribunal on Wednesday allowed Reliance Communications (RCOM) to proceed with asset sales to Reliance Jio and Brookfield, for an aggregate value of Rs 18,100 crore.
“The Hon’ble National Company Law Appellate Tribunal (NCLAT) today stayed the orders of the Hon’ble National Company Law Tribunal (NCLT), Mumbai, dated 15 May 2018 and 18 May 2018, of IBC admission of RCOM, Reliance Infratel Limited (RITL) and Reliance Telecom Limited (RTL). RCOM’s management and Board of Directors have been reinstated vide this order,” the company said in a regulatory filing to the BSE.
“RCOM’s asset sale to Reliance Jio and Brookfield for an aggregate value of Rs 18,100 crore has been allowed to proceed by the Hon’ble NCLAT. The assets sale includes spectrum, fiber, telecom towers, MCNs and certain real estate assets in Delhi and Chennai,” it said.
“RCOM expects to now complete the sale of its assets within the next few weeks, having removed legal hurdles of cases by minority investors of RITL, and Ericsson, thereby achieving an overall debt reduction of approximately Rs 25,000 crore from the first phase of its asset monetization program, as detailed in the media release issued on ADecember 26, 2017,” it added.