Debt-ridden telecom player Reliance Communications has received at least four bids to its acquire various assets under the Insolvency and Bankruptcy Code, three people familiar with the matter told CNBC-TV18 on the condition of anonymity.

Bids by all four players were opened at the Committee of Creditors (CoC) meeting on Monday evening, where the resolution applicants made presentations to the lenders, as per a person present at the meeting.

Telecom companies Bharti Airtel, Reliance Jio, as well as UV Asset Reconstruction Company Limited (UVARCL) and private equity firm Varde Partners have placed bids for assets of Reliance Communications, Reliance Telecom Limited (RTL) and Reliance Infratel Limited (RITL). Reliance Communications and its subsidiaries’ assets include spectrum, tower, fibre, and real estate holdings.

The bid deadline was extended by ten days after only two players- Bharti Airtel and Varde Partners- submitted bids, as lenders were hopeful of Reliance Jio entering the fray if more time was given, a senior banking executive told CNBC-TV18. Mukesh Ambani controlled Reliance Jio had earlier tried buying Reliance Communications assets in 2018, but the deal failed to materialise due to regulatory hurdles.

Reliance Communications and its two subsidiaries are currently undergoing IBC proceedings under the National Company Law Tribunal. Anish Niranjan Nanavaty of Deloitte has been appointed as the Insolvency Resolution Professional for the company.

While Reliance Communications is facing claims of over Rs 49,190 crores under NCLT, Reliance Telecom is facing claims of over Rs 24,300 crores and Reliance Infratel over Rs 12,600 crores. State Bank of India, Bank of India, Bank of Baroda, Punjab National Bank, IDBI Bank, and LIC are among the large domestic lenders to RCom.

Varde Partners in an emailed response to CNBC-TV18 said that it would not comment on the story, while UVARCL, Reliance Jio, and Bharti Airtel are yet to respond to CNBC-TV18’s query.

First Published:Nov 25, 2019 8:48 PM IST