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Reliance Industries takes over some debt liabilities of Reliance Jio Infocomm

Reliance Industries takes over some debt liabilities of Reliance Jio Infocomm

Reliance Industries takes over some debt liabilities of Reliance Jio Infocomm
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By Ankit Gohel  Mar 19, 2020 8:56:40 PM IST (Published)

Oil to telecom major Reliance Industries Ltd (RIL) has taken over some of the debt liabilities of its subsidiary Reliance Jio Infocomm Ltd after receiving approval from the Ahmedabad bench of the National Company Law Tribunal.

Oil to telecom major Reliance Industries Ltd (RIL) has taken over some of the debt liabilities of its subsidiary Reliance Jio Infocomm Ltd after receiving approval from the Ahmedabad bench of the National Company Law Tribunal.

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“We refer to the disclosure made by Reliance Jio Infocomm Limited (RJIL), a wholly owned subsidiary of the Company, dated March 18, 2020 regarding approval of the Scheme of Arrangement amongst RJIL and certain classes of its creditors by the Hon’ble National Company Law Tribunal, Ahmedabad Bench, for transfer of certain identified liabilities to the Company,” Reliance Industries said in a regulatory filing on Wednesday.
Accordingly, the Identified Liabilities of RJIL stand transferred to the Company, it added.
Further, it said that there shall be no impact on the consolidated debt of the company on account of assumption of the Identified Liabilities of RJIL.
However, Reliance Industries neither disclosed the name of the creditors nor the quantum of liabilities.
At 11:45 am, shares of Reliance Industries traded 3.98 percent lower at Rs 930 on the BSE.
(Disclaimer:
Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.)
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