Reliance Communications close to deal for mobile tower sale
25 Nov 2015
Reliance Communications Ltd, India's fourth-biggest wireless carrier, is nearing a deal to sell its mobile phone tower unit to one or a consortium of private equity firms, according to a Reuters report citing sources with direct
knowledge.
The carrier, headed by billionaire Anil Ambani, could sign a deal as early as next week to sell the unit in which it owns about 96 per cent, said the sources who declined to be named as the talks are private.
Reliance Communications expects an enterprise value of about Rs23,000 crore ($3.5 billion) for the unit, the sources said. One of the sources said the equity value could be around $2 billion.
The report did not name the likely buyer.
The company, which said in September it expected to sign and announce the sale of a stake in its mobile tower unit within the next month or two, declined to comment on Tuesday.