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February 29 2020
NCLAT allows RCom to sell tower and fiber assets to Reliance Ji
07 April 2018

 This paves the way for sale of RCom assets worth ₹25000 crore to Mukesh Ambani led Reliance Jio.

 In a relief to Reliance Communications (RCom), the National Company Appellate Law Tribunal (NCLAT) on Friday vacated a stay on sale of telecom towers and fiber asset  in favour of HSBC Daisy led investors granted by the NCLT, Mumbai. 
 This paves the way for sale of RCom assets worth ₹25000 crore to Mukesh Ambani led Reliance Jio.
 "By an interim order passed today, the NCLAT has vacated the remaining stay, and allowed execution of sale deeds and deposit of the proceeds with SBI in an escrow account," said a RCom statement. 
 The Supreme Court had itself vacated the stay in relation to spectrum, MCNs  [media convergence nodes] and real estate on Thursday.
 RCom is confident of achieving overall debt reduction of ₹25,000 crore within the next few weeks, from the first phase of the asset monetisation programme. 
 RCom shares on BSE closed up 4.28% at ₹ 24.25 in a firm Mumbai market on Friday.

 

 

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