Anil Agarwal's Twin Star Tech not to bid for RCom assets

New Delhi: Billionaire metal tycoon Anil Agarwal-promoted Twin Star Technologies is learnt to have pulled out as a bidder for telecom assets of debt-ridden Reliance Communications due to unknown reason, a source privy to the development said on Thursday.

Twin Star Technologies, a holding company under Agarwal's Volcan Investments Ltd, had earlier shown interest in buying assets of Anil Ambani-led RCom which is going through insolvency proceedings.

"Twin Star Technologies will not bid for RCom assets. The company is likely to make a formal announcement in the regard shortly," the source said.

Mukesh Ambani-led Reliance Jio, Sunil Bharti Mittal-led Bharti Airtel, and TPG Asia, among others, have also expressed interest in buying assets of RCom. The National Company Law Tribunal (NCLT) in May superseded RCom board and appointed a resolution to run the company and also allowed the SBI-led consortium of 31 banks to form a committee of creditors.

RCom lenders have claimed dues of around Rs 49,000 crore on the company till May 2019. Reliance Jio in December 2017 had signed a mega deal with RCom for buying wireless spectrum, tower, fibre and media convergence nodes assets.

RCom announced completion of sale of its media convergence nodes and related infrastructure assets, worth Rs 2,000 crore to Jio in August 2018. Later, Jio called off several deals that were under process.