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Reliance Jio subsidiary Reliance Project and Property Management Services (RPPMSL) has paid Rs 3,720 crore to mark the completion of its acquisition of Reliance Infratel, which was undergoing insolvency proceedings.
Reliance Industries, in a stock exchange filing, said the existing paid-up equity share capital of Reliance Infratel has been cancelled. Upon such cancellation Reliance Projects and Property Management Services holds 100 per cent equity share capital of Reliance Infratel. "RITL has today allotted to RPPMSL ,50,00,000 equity shares of Rs. 10 each, for cash, aggregating Rs. 5 crore; and 372,00,00,000 Zero Coupon Optionally Fully Convertible Debentures of Rs. 10/- each, for cash, aggregating Rs. 3,720 crore," the filing said. On December 4, 2022, Reliance Industries, in a stock exchange filing, had said that the National Company Law Tribunal, Mumbai Bench in its order dated December 3, 2020, had approved the resolution plan, submitted by Reliance Projects and Property Management Services, a wholly owned subsidiary of Reliance Industries, for the acquisition of Reliance Infratel, under the Section 31 of the Insolvency and Bankruptcy Code 2016. Reliance Infratel was incorporated in India on April 16, 2001, and was a subsidiary of Anil Ambani's Reliance Communications. The turnover of Reliance Infratel for the financial year 2022, 2021 and 2020 was Rs 1,186 crore, Rs 1,208 crore, and Rs 1,322 crore, respectively, the stock filing said. Reliance Infratel is one of the major private telecom infrastructure providers in the country and the acquisition "is synergetic with the telecommunications operations of Reliance Jio Infocomm". Reliance Industries' stock exchange filing said the approvals of NCLT and Competition Commission of India have been received, so no further governmental and regulatory approvals are required. (ANI)
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