Jio to acquire Reliance Infratel for Rs 3,720 crore
Mumbai, December 22
Reliance Projects and Property Management Services, a subsidiary of Jio, has deposited Rs 3,720 crore in an SBI escrow account to acquire mobile tower and fiber assets of Reliance Infratel. The National Company Law Tribunal gave approval to Jio for the acquisition of Reliance Infratel in November.
“Reliance Infratel transaction is complete. Jio has deposited Rs 3,720 crore in a SBI escrow account as directed by NCLT,” a source said.
Jio placed a bid of Rs 3,720 crore in November 2019 to acquire the tower and fiber asset of debt-ridden subsidiary of Anil Ambani’s Reliance Communications.
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