Business Mantra News
China Development Bank (CDB) withdrew its insolvency petition initiated against Reliance Communications Ltd. i.e.Rcom at National Company Law Tribunal (NCLT).
An agreement has been sent to CDB by which a part of the development rights in the Dhirubhai Ambani Knowledge City (DAKC) in Mumbai, which DAKC has agreed to give it to the CDB.
The CDB had taken this decision after finalization of this deal between Mukesh Ambani led Reliance Jio and DAKC, the founder of Reliance.
Last Month, Reliance Jio had contracted to buy Rcom’s Spectrum, Towers and Fiber and Wireless Infrastructure which may bring back the Rcom around Rupees 24,000 crore.
The CDB sought withdrawal of insolvency proceeding after Anil Ambani-led telecom firm publicizing Rs.39000 Crores asset restructuring plan to reduce its debt last month. The CDB also withdrew its case against the Subsidiary of Rcom i.e. Reliance Telecom Ltd.