The National Company Law Tribunal (NCLT) had given approval to RPPMSL to acquire Reliance Infratel.
Reliance Jio has reportedly acquired a 100 per cent stake in Reliance Infratel. As per media reports, the Mukesh Ambani-led Reliance Industries Limited (RIL) said that Reliance Jio’s arm Reliance Projects and Property Management Services (RPPMSL) completed this acquisition.
As per a report in Moneycontrol.com, the Ambani-led telecom subsidiary had placed a bid of Rs 3,720 crore back in November 2019. The main idea behind this bid was to acquire the tower and fibre assets of the subsidiary of Anil Ambani-led Reliance Communications, which is also debt-ridden.
The report adds that in the regulatory filing, RIL stated that Reliance Infratel allotted to RPPMSL 50 lakh equity shares of Rs 10 each, for cash, aggregating Rs 5 crore; and 372 crore zero coupon optionally fully convertible debentures Rs 10 each, for cash, aggregating Rs 3,720 crore.
“The existing paid-up equity share capital of RITL has been cancelled. Upon such cancellation RPPMSL holds 100% equity share capital of RITL,” the filing stated as per moneycontrol.com.
Before this, the National Company Law Tribunal (NCLT) had given approval to RPPMSL to acquire Reliance Infratel. Since the approval was received, Reliance ended up depositing Rs 3,720 crore in an escrow account of the State Bank of India (SBI).
Over the last couple of months, Reliance Jio has become more active in its line of business. Lately, the company has been getting more traction due to its flagship project of launching 5G services in India’s major cities.