Committee Of Creditors Extend RCom’s Asset Bid Deadline By 10 Days
Anil Ambani, chairman of Reliance Group, attends the company’s annual general meeting in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Committee Of Creditors Extend RCom’s Asset Bid Deadline By 10 Days

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Reliance Communications Ltd.’s committee of creditors extended the deadline to submit bids for assets of the debt-ridden firm by another 10 days following a request from Reliance Jio Infocomm Ltd., according to sources.

Bharti Airtel Ltd., Bharti Infratel Ltd. and private equity firm Varde Partners have submitted their bids for assets of Reliance Communications, while Reliance Jio has sought extension of the asset sale deal deadline by another 10 days.

Airtel has placed conditional bid to buy spectrum of RCom while Bharti Infratel has submitted bids for mobile towers.

“Committee of Creditors of Reliance Communications has extended deadline to submit bids by 10 days. The bids will now be opened on Nov. 25,” the source said.

Banking sources involved in the process told PTI that a total of six bids have come for assets of Anil Ambani-led RCom on Monday.

Apart from real assets, RCom telecom assets on sale include spectrum holding of 122 MHz which the company before insolvency proceedings had estimated to be around Rs 14,000 crore, towers business for Rs 7,000 crore, optical fibre network Rs 3,000 crore and data centres worth Rs 4,000 crore.

Sources estimate that RCom Group's total secured debt is around Rs 33,000 crore. Lenders have submitted claim of around Rs 49,000 crore in August.

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