Jio deposits Rs 37.20 billion in SBI escrow account; completes acquisition of Reliance Infratel

Reliance Jio has deposited Rs 37.2 billion in a State Bank of India (SBI) escrow account, marking the completion of its acquisition of Reliance Infratel Limited (RITL), the tower business of Reliance Communications which is currently undergoing insolvency proceedings. In November 2022, the National Company Law Tribunal in Mumbai approved RITL’s acquisition by Reliance Project and Property Management Services Limited, the arm of Jio that looks into the telecom operator’s tower business.