Indian mobile operator Reliance Communications (RCom) is looking to complete the sale of its tower business, Reliance Infratel, within the next couple of months, Syed Safawi, president wireless business at RCom, was quoted saying.
In late May, RCom…
Indian mobile operator Reliance Communications (RCom) is looking to complete the sale of its tower business, Reliance Infratel, within the next couple of months, Syed Safawi, president wireless business at RCom, was quoted saying.
In late May, RCom announced that it received offers from several parties for its 95% stake in Infratel. Such a sale, the company said, would allow it to substantially reduce its US$7bn in debt and remain within long-term leverage ratios. The company is trying to sell around 50,000 towers.
It was reported at the time that PE firms Carlyle and TPG started talks over a potential stake in the business, while Apax and Blackstone were also considering such a move.
But in early June, Indian independent towerco Viom Networks reportedly said it was no longer looking to acquire Infratel.
Viom executive Sunil Kanoria was quoted telling the Economic Times that the company decided to withdraw from the process following valuation differences, branding Reliance Infratel’s asking price of US$5bn as unrealistic.
About a year ago, RCom had already been very close to a deal with another towerco, GTL. But the US$11bn tower merger collapsed on alleged valuation differences.
RCom could not be reached for comment.
