RCOM close to selling tower biz to PE biggies

The sale of Reliance Communications’ tower unit has entered the last leg with private equity biggies Blackstone and Carlyle thrashing out last-minute deal issues .

The transaction, valued at $4 billion, is expected to be announced in the next couple of weeks that could see the consortium taking control of the unit that owns about 50,000 towers.

Between the two funds, Blackstone will hold the majority stake. The tower business, controlled by Anil Ambani, has been on the block for more than a year and a half now.

In 2010, it entered into an agreement with Manoj Tirodkar’s GTL but the deal was called off without giving any specific reason. This time the deal appears to be on track, ringing in some much-needed funds for the group.


( Contributed by Reeba Zachariah )