Reliance Industries Takes Over Some Debt Liabilities Of Reliance Jio

Reliance Industries Limited on Wednesday said it has taken over some of the debt liabilities of Reliance Jio Infocomm Limited following approval from the Ahmedabad bench of the National Company Law Tribunal.

“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 (the ”Scheme”) by the Hon’ble National Company Law Tribunal, Ahmedabad Bench, for transfer of certain identified liabilities to the Company,” RIL said in a BSE filing.

The company neither disclosed the name of the creditors nor the quantum of liabilities.

“Accordingly, the Identified Liabilities of RJIL stand transferred to the Company. There shall be no impact on the consolidated debt of the Company on account of assumption of the Identified Liabilities of RJIL,” the filing said.

Shares of RIL closed at Rs 968.85 a unit, down by 3.97 percent compared to the previous close, at BSE on Wednesday.

―Outlook India