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Reliance Communications to Take Another Shot at Towers Sale
Published on:
India's Reliance Communications expects to take another attempt at selling a stake in its towers subsidiary, Reliance Infratel next year to raise funds for paying down its debt pile.
RCom's Chairman, Anil Ambani told shareholders that the company is looking at options to reduce its US$6.4 billion debt and will look at trying to sell a stake in the towers division, but a sale is not expected imminently.
The company has made several attempts to sell a stake in its towers company, but talks have always broken down without comment.
Last year, the rival Indian tower network operator, Viom Networks (formerly Tata-Quippo) pulled out of talks to buy Reliance Infratel after the two companies could not agree on a price.
Reliance was seeking US$5 billion for the company, which Viom described as "unrealistic". The price is understood to have dropped by at least US$1 billion since then.
Reliance Infratel has around 50,000 towers under management.
Tags: [reliance infratel] [India]
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