RCOM close to finalising sale of tower subsidiary

17 Aug 2011

India’s second largest mobile operator by subscribers, Reliance Communications (RCOM), expects to complete the sale of its telecoms tower unit, Reliance Infratel, within the next few months, Livemint reports. According to Syed Safawi, president of wireless business at RCOM, interested parties are currently carrying out due diligence on the tower business, and the company expects ‘some sort of closure over the next couple of months.’ As previously reported by CommsUpdate, RCOM restarted negotiations with interested parties for the sale of a stake in its telecom tower unit in September 2010, after an agreement to spin off Reliance Infratel into a venture with GTL Infrastructure fell through earlier that month. The deal, which was first announced in June 2010, would have reportedly cut RCOM’s debt by around USD3.9 billion.

India, Reliance Communications (RCOM)