Carlyle, TGP in talks to buy RCom’s tower arm: report
08 Jun 2011
Private equity firms TPG Capital and Carlyle Group are among private equity companies in talks for purchasing a stake in Reliance Infratel, the mobile phone tower unit of Reliance Communications Ltd, says a Bloomberg report citing three people with knowledge of the matter.
Reliance Communications, India's second-largest mobile phone operator, also has received interest from other potential investors including Blackstone Group LP, the world's biggest private equity firm, and London-based Apax Partners LLP, the report said.
Last week, RCom said that it has received several expressions of interest to buy a controlling stake in Reliance Infratel.
The flagship company of the Anil Dhirubhai Ambani group has been trying to sell the unit, which has around 50,000 mobile towers for about a year. Currently, Reliance Communications' wireless towers portfolio comprises 45,443 towers in all 23 telecom circles in the country making it the largest pan-India wireless tower company.
A sale will help RCom reduce its debt, which was Rs32,049 crore ($7.1 billion) as of 31 March. It has so far been unsuccessful in its other attempts to raise funds.
''Formal indicative offers from several interested parties'' for Reliance's Infratel unit were received, the Mumbai-based company said in a statement to the Bombay Stock Exchange on 31 May, without naming any bidders.