RCOM close to completing Infratel sale

Reliance Communications (RCOM) is close to selling its stake in Reliance Infratel, the Economic Times writes, citing people familiar with the matter. There are four bidders – American Tower Corporation (ATC), Carlyle, Farallon Capital and Tillman Capital –competing for a majority stake in the tower firm, although two of the prospective buyers are interested in purchasing RCOM’s entire 96% stake according to one of the sources. The management presentations have now been completed, and due diligence is set to be completed by the first week of October, whilst ‘final, binding bids and financial commitment and closure of the deal is, therefore, expected to be in another two weeks from then, around 20-22 October,’ a person directly involved in the process was quoted as saying.