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Reliance Comm to sell unit stake to GTL, PE

This article was posted on Jun 21, 2010 and is filed under Stock News

Anil Dhirubhai Ambani Group plans to sell a stake in Reliance Communications’ telecoms tower unit to GTL Infrastructure and a private equity investor, a newspaper reported today.

The sale in Reliance Infratel will be through a combination of cash and stock, the paper said citing bankers, and would take a few weeks.As part of the deal, 54,000 telecoms towers operated by Reliance Infratel and 32,000 GTL Infrastructure towers will be spun off into a special purpose vehicle (SPV), which will sell a stake to a private equity investor, it said.

The SPV will issue shares to Reliance Communications and GTL Infrastructure shareholders, and subsequently seek a stock market listing, the paper said.

Reliance Communications is being advised by JPMorgan and GTL Infrastructure by Standard Chartered, it said.

Officials at Reliance Communications and GTL Infrastructure could not immediately be reached by Reuters for comment.

Reliance Communications said last week it planned to open up its telecoms tower unit to investors, signalling the ammunition India’s No. 2 mobile operator can tap as it aims to cut its huge debt in a fiercely competitive market.

source: Business-Standard

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