Four companies are bidding for the assets of Reliance Communications that are housed under various subsidiaries - RCom, Reliance Telecom and Reliance Infratel. The beleaguered telecom major has received a total of 11 bids from Mukesh Ambani-controlled Reliance Jio Infocomm (RJio), Sunil Mittal-backed Bharti Airtel, PE firm Varde Partners and UV Asset Reconstruction Company (UVARCL).
Bharti Airtel has submitted a revised bid for RCom assets after having withdrawn its earlier bid citing unfair treatment. Its fresh bid came on Monday.
RJio placed its bid on Monday, while some of the bids, including that of Varde Partners, came in much earlier, sources added.
“The bidders have placed multiple bids for separate assets, and hence RCom has received a total of 11 bids from four companies. The Committee of Creditors (CoC) is slated to meet again on Friday to decide on the further course of action, including finalising a winner,” according to one of the sources.
RCom’s assets include spectrum, tower, fibre, media convergence nodes and real estate, housed under the three companies. The bids were invited separately for each firm.
RCom, which is undergoing insolvency proceedings, has a total debt of about Rs. 33,000 crore.
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