Reliance Comm gets bids to sell stake in tower biz

Anil Ambani of Reliance Communications

Reliance Communications has received bids from a number of parties for selling 51 percent equity stake in its tower subsidiary Reliance Infratel.

The Anil Ambani-led group company, in its filing in the Bombay Stock Exchange, said on Monday: “The company has received indicative non-binding bids from a number of interested buyers, and has short-listed a smaller number of very credible interested parties to progress to the next round of the process.
Reliance Communications said it launched the formal process for sale of a controlling 51 percent stake in Reliance Infratel was launched a few weeks back, and got a very positive response.

The company did not reveal the name of the suitors.

Some of the short-listed bidders have expressed interest to acquire up to 100 percent stake of Reliance Communications in Reliance Infratel.

Reliance Communications said the due diligence process has now commenced. Further announcements will be made, as and when appropriate. The sale proceeds from the proposed transaction are expected to substantially reduce overall gross debt of Reliance Communications during the current financial year.

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