UAE incumbent Etisalat is in M&A talks with Reliance Communications and other Indian players with a view to making a purchase in the next year, Chairman Mohammed Omran has told Bloomberg. To ensure that it is able to reap some funds, Reliance is mulling…
UAE incumbent Etisalat is in M&A talks with Reliance Communications and other Indian players with a view to making a purchase in the next year, Chairman Mohammed Omran has told Bloomberg. To ensure that it is able to reap some funds, Reliance is mulling exit alternative exit plans for its Infratel tower unit.
During Reliance’s annual general meeting on Tuesday, chairman Anil Ambani spoke to shareholders about ways to raise funding to offset hefty licence fees paid out earlier this year. As such, Reliance is in talks with investors to sell a stake in Infratel, which could also be listed.
Ambani added that there was substantial interest in the market for the 26% stake Reliance is looking to sell in itself. He also commented that the company was aiming to be debt free in three years. Reliance owes an estimated US$6.2bn in debt, including about US$1.8bn spent for 3G licences.
Etisalat and Reliance could not be reached for comment.
