Reliance Communications examining sale of controlling stake in arm
May 31st, 2011 - 2:36 pm ICT by IANSNew Delhi, May 31 (IANS) Leading mobile services provider Reliance Communications, part of the Anil Dhirubhai Ambani Group (ADAG), Tuesday said it has received offers from several companies for acquiring its controlling stake in its infrastructure subsidiary — Reliance Infratel.
“The board of directors was informed of the receipt of formal indicative offers from several interested parties, for the acquisition of RCOM’s controlling interest in Reliance Infratel Limited, its passive infrastructure subsidiary,” the company said in a statement.
Reliance Infratel is an independent wireless telecommunications infrastructure company, engaged in the business of building, owning and operating communications towers and optic fibre cable. It owns nearly 50,000 towers, and 200,000 route kilometres of national optic fiber network.
Based on the indicative offers, completion of such a transaction would facilitate RCOM’s stated objectives of achieving a substantial reduction of its overall debt position, and staying well within its target long-term leverage ratios, the ADAG firm added.
The company said it would conduct the due diligence on the offers and try to complete such a potential transaction at the earliest.
- RCom merges tower business with GTL Infra - Jun 27, 2010
- RCom calls off tower deal with GTL Infra - Sep 06, 2010
- R-COM revenues up, but profit down on forex adjustments - Aug 13, 2010
- RCom, Aircel to sign $300 mn infrastructure sharing deal - Aug 31, 2009
- TDSAT notice to Etisalat on RComm's Rs.1,200 crore dues - Feb 23, 2012
- RCom up 4.4 percent, gains after GTL deal - Jun 28, 2010
- Anil Ambani mulls public issue, commercial bank for group firms (Roundup) - Sep 28, 2010
- Reliance Infratel asks S Tel to pay dues, TDSAT issues notice - Mar 05, 2012
- RCom shareholders okay demerger of optic fibre business - May 26, 2009
- Hope to sell telecom towers arm soon: Ambani - Sep 27, 2011
- Reliance Communications says BSNL breached agreement - Jun 13, 2011
- Bharti to exit from financial services joint venture with AXA - Jun 10, 2011
- Reliance Communications to de-merge telecom infrastructure arm - Jun 14, 2010
- Reliance Communications net up 8.3 percent - Jul 31, 2009
- Anil Ambani meets CBI to clarify issues relating to telecom matters - Feb 16, 2011
Tags: adag, anil dhirubhai ambani group, controlling interest, debt position, due diligence, fiber network, infrastructure company, interested parties, leverage ratios, mobile services, New Delhi, optic fiber, optic fibre cable, rcom, route kilometres, services provider, substantial reduction, target, telecommunications infrastructure, wireless telecommunications