Reliance Jio is likely to bag the tower and fibre assets of Reliance Communications (RCom) for ₹3,600 crore, while Bharti Airtel’s conditional bid of ₹9,500 crore is likely to be rejected by the Committee of Creditors (CoC), given that most of the money will go to the government and there would be little left for the lenders. A banker in the know of the development told The Hindu, “Bharti Airtel’s conditional bid of ₹9,500 crore seeks deferred payment for the spectrum liability to the government. There is not much for the lenders.” New Delhi-based UV Asset Reconstruction Co. and U.S.-based private equity fund Varde Partners have also submitted their bids, but the financial value and the nature of the bids could not be independently verified by The Hindu. “The Committee of Creditors (CoC) would like to sell all assets in a single transaction, but they may have to sell the spectrum, tower and fibre assets separately due to the nature of the bids received. The stated objective of the IBC is value maximisation,” said another person close to the development.
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