Reliance Infratel, HSBC Daisy reach settlement; NCLAT disposes of case
Reliance Infratel and its minority shareholder HSBC Daisy Investments (Mauritius) on Friday submitted final consent terms of their settlement before the National Company Law Appellate Tribunal (NCLAT) over the sale of tower and fibre assets.
The consent term between the parties was signed on June 15, 2018, informed senior advocate Salman Khursheed appearing for Reliance Infratel, the tower unit of Reliance Communications.
Earlier, on May 29, Reliance Infratel had withdrawn its petition from NCLAT, seeking permission to sell its tower and fibre assets.
The sale of these businesses forms an important part of the overall Rs 250 billion (Rs 25,000 crore) asset monetisation blueprint of the troubled company.
In December 2017, Mukesh Ambani-led Reliance Jio had struck a mega deal to acquire mobile business assets, including spectrum, towers and optical fibre network of RCom, owned by his younger brother Anil Ambani.