Lenders begin final two-day voting on resolution plans for Reliance Communications, Reliance Infratel and Reliance Telecom.

A State Bank of India (SBI) led consortium may recover as much as 35 percent on an average from three ADAG companies, say sources known to CNBC-TV18.

These companies had gone into bankruptcy almost two years back and now today the highest bidder have been declared for each of the Reliance Communications, Reliance Infratel & Reliance Telecom and they will be now put to vote.

Reliance Jio has been declared the highest bidder for Reliance Infratel and UV Asset Reconstruction Company (UVARCL) for Reliance Communications & Reliance Telecom, where the banks are looking to recover as much as 35 percent.

The lead banker that is State Bank of India has already approved these resolution plans, as per sources.

Reliance Jio has offered Rs 4,100 crore for Infratel and UVARCL has offered Rs 9,056 crore for Reliance Communications and Rs 1,262 crore for Reliance Telecom.

Results of this voting will be known of March 4th and if they get the required approval then they will be submitted to the NCLT for the final nod.

The three ADAG companies have a principal outstanding debt of Rs 40,991 crore.

First Published:Mar 3, 2020 4:49 PM IST