Reliance Industries eyeing towers deal

The future of Reliance Communications’ subsidiaries remains in the balance and the latest reports in India now suggest that Reliance Industries is best placed to pick up its fibre optic cable and telecom towers business.
A banking source suggested to…

The future of Reliance Communications’ subsidiaries remains in the balance and the latest reports in India now suggest that Reliance Industries is best placed to pick up its fibre optic cable and telecom towers business.

A banking source suggested to TelecomFinance that RCom is dealing with the negotiations in house rather than appointing a financial adviser.

Mukesh Ambani’s Reliance Industries is making a foray into the telecoms space having agreed to acquire 95% of Infotel Broadband Services, which recently acquired a pan-India wireless broadband licence.

Earlier this week GTL Infra appeared close to securing a deal for RCom’s towers but according to The Economic Times, advanced talks are now taking place with Reliance Industries.

RCOM owns 54,000 towers, and the business is thought to be worth around US$6bn.