RelCom may sell 24% stake in tower biz for $1 bn
American Towers and Crown Castle, both based in the US, are engaged in the business of telecom tower operations and management.
By PTI |
NEW DELHI: Reliance Communications, one of India's largest telecom operators may raise about one billion dollars (Rs 4,500 crore) by divesting upto 24 per cent stake in its new tower management subsidiary, for which the company is in talks with private equity groups as well as strategic investors.
The Anil Dhirubhai Ambani Group firm is in talks with US-based private equity firms Blackstone and Carlyle as well as Singapore's Temasek, while it is also talking to two strategic investors -- American Towers and Crown Castle, regarding its capital raising plans, investment banking sources said.
Out of the five investors that Reliance Communications is currently in discussions with, it is most likely to finalise two investors -- one strategic investor and another private equity player, they added.
American Towers and Crown Castle, both based in the US, are engaged in the business of telecom tower operations and management.
A possible stake dilution of 24 per cent of the proposed tower business for one billion dollars would take the new company's valuation to about Rs 18,750 crore.
A company spokesperson said, "The Tower Business of Reliance Communications is being transferred to a 100 per cent subsidiary and the company is committed to unlock value for the benefit of our 2 million shareholders."
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