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Committee of creditors extends RCom's asset bid deadline by 10 days

Bharti group and private equity firm Varde Partners have submitted their bids for assets of RCom. The deadline extension was granted in anticipation of other suitors joining the fray.

, ET Bureau|
Updated: Nov 14, 2019, 07.56 AM IST
Apart from real assets, RCom telecom assets on sale include spectrum holding of 122 MHz which the company before insolvency proceedings had estimated to be around Rs 14,000 crore, towers business for Rs 7,000 crore, optical fibre network Rs 3,000 crore and data centres worth Rs 4,000 crore.
NEW DELHI: The resolution professional (RP) of Reliance Communications (RCom) has extended the deadline for submission of bids for the bankrupt company to next Friday after only two bidders, Bharti Group and Varde Partners, submitted bids at the close of the previous deadline of November 11, according to two bankers.

Deloitte’s Anish Nanavaty who is the RP, granted the extension at a meeting of RCom’s committee of creditors (CoC) held on Wednesday after seeking consent from bankers who unanimously agreed to grant the extension.

RCom and two of its arms Reliance Infratel and Reliance Telecom are undergoing insolvency proceedings under the supervision of the National Company Law Tribunal (NCLT).

The two bidders submitted a common resolution plan for RCom and its two subsidiaries, according to the bankers. The financial bids were not yet opened. Claims of financial creditors against RCom and the two subsidiaries exceed Rs 85,000 crore. Email queries to Nanavaty did not elicit response at press-time. Varde Partners declined to comment.

A Bharti spokesperson said that a conditional bid has been submitted primarily for the spectrum which is a precious asset. “The bid conditions include that the overall consideration will primarily be by way of the deferred spectrum payables to the government being passed on to us on terms and schedules applicable to such deffered payments”, the spokesperson said.

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