Reliance Industries Limited said on December 22 that Reliance Projects and Property Management Services (RPPMSL), a subsidiary of Reliance Jio, has completed the acquisition of a 100% stake in Reliance Infratel for around Rs 3,720 crore.

The telecom unit led by Mukesh Ambani made a bid of Rs 3,720 crore in November 2019 to acquire towers and fibre assets from a heavily indebted unit of Reliance Communications, a company managed by his brother Anil Ambani.

In a regulatory filing today, RIL said Reliance Infratel had allocated to RPPMSL 50 lakh equity shares of Rs 10 each in cash, totalling Rs 5 crore, and Rs 372 crore zero-coupon optional fully convertible debentures at Rs 10 each, cash, totalling Rs 3,720 crore.

“The existing paid-up share capital of RITL has been cancelled. After the cancellation, RPPMSL holds 100% of the share capital of RITL,” the filing said.

Earlier in November, the National Company Law Tribunal (NCLT) approved RPPMSL’s acquisition of Reliance Infratel. Reliance has since deposited Rs 3,720 crore in SBI escrow accounts to acquire Reliance Infratel’s mobile tower and fibre optic assets.

The heavily indebted company’s creditor committee passed Jio’s resolution plan on March 4, 2020, with a 100% vote. RITL has approximately 178,000 kilometres of fibre optic assets and 43,540 mobile towers across the country.

Once the dispute between creditors regarding disposition funds is resolved, the funds will be distributed among the lenders.