Reliance Jio is likely to buy out bankrupt telco Reliance Communications (RCom), under the Insolvency and Bankruptcy Code, with Bharti Airtel withdrawing its bids. A senior Reliance Jio exeutive said, “Earlier, the deal was for buying certain assets of RCom like spectrum, towers, fiber assets and allied infrastructure. Tulsian said, “Mukesh Ambani will be the biggest beneficiary as he will pick up RCom assets at steep discount compared to what he promised to pay his brother Anil, two years ago. A Bharti Airtel spokesperson declined to comment. Reliance Jio is the only profitable telco left and may end up buying RCom,” said Sanjiv Bhasin, executive V-P, IIFL Securities.

Source: The Hindu November 18, 2019 16:52 UTC