New Delhi: The country’s richest industrialist Mukesh Ambani is going to buy his brother Anil Ambani’s bankrupt company Reliance Communications. According to sources, State Bank of India has approved the resolution plan of RCom. Banks hope that this will bring back their Rs 23000 crore.
Mukesh Ambani’s Reliance Jio RCom has offered Rs 4,700 crore to buy Tower and Fiber Business (Reliance Infratel). UV Asset Reconstruction Company (UVARC) has bid Rs 14700 crore for assets of RCom and Reliance Telecom. RCom owes 4300 crore to Indian and Chinese creditors on priority basis.
Experts associated with the case say that SBI board has approved the resolution plan of RCom. Today is the last day of the meeting of the Committee of Creditors regarding the resolution plan. The secured debt on RCom is 33000 crores and the lenders have claimed 49000 crores.