INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Bharti Group has withdrawn its offer for the assets of bankrupt Reliance Communications and its subsidiaries Reliance
Infratel and Reliance Telecom, citing extremely unfair treatment, and asserted that it reserves the right to bid afresh.
In a letter on
said his company had on October 31 sought an extension of the November 11 deadline for submission of bids to December 1
Bharti declined to comment
Varde Partners, one of the bidders, declined comment.
The Sunil Mittal-controlled Bharti Group and London based fund Varde Partners had
submitted bids for RCom on Monday.
New Delhi-based UV Asset Reconstruction Company may join the bidding process next week, according to one
banker, who also said Bharti may submit a fresh bid.
The original deadline for bids for RCom was set for September 20 and it was extended
several times, people familiar with the matter said
Claims of various banks and financial institutions against RCom and the two unit are estimated at about Rs 85,000 crore.