NCLT clears Jio's acquisition of Reliance Infratel

The National Company Law Tribunal (NCLT) in Mumbai Monday approved the Reliance Infratel Ltd (RITL) acquisition by Reliance Property and Projects Management Services Limited, the arm of Reliance Jio that looks into the telco's tower business.

Jio is to deposit Rs 3,500 crore in the SBI escrow account to complete the acquisition of RCOM's tower and fiber assets, people familiar with the matter said.

The order hasn’t been uploaded as yet.


Earlier this month, Jio had moved the NCLT to speed up the acquisition of RTIL. The matter had been stuck since there was no consensus on how the funds raised from the acquisition will be distributed among the creditors which include the likes of SBI, Emirates Bank and Doha Bank.

Accordingly, Jio had urged NCLT-Mumbai to issue directions to RTIL’s financial creditors to provide the necessary no-dues-certificate to it to speed up the much-delayed RTIL bankruptcy resolution process.