Jio deposits Rs 3,720 cr in SBI escrow account to acquire Reliance Infratel

Mumbai, Dec 22 (PTI) Reliance Projects and Property Management Services, a subsidiary of telecom major Jio, has deposited Rs 3,720 crore in an SBI escrow account to acquire mobile tower and fibre assets of Reliance Infratel.

The National Company Law Tribunal (NCLT) gave approval to Jio for the acquisition of Reliance Infratel (RITL) 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 told PTI.

Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire the tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications.

The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM’s tower and fibre assets.