In a bid to focus more on defense manufacturing company , Anil Dhirubhai Ambani group is offloading its stakes in various Cos and raising adequate funds. So after reducing its stake in Reliance Life and Reliance capital the group has decided to sell its stake in the tower unit Reliance infratel. With this sale , Reliance will be the fourth company to exit the telecom tower business in recent times. In a statement issued to Economic Times one of the senior executive of Reliance said “The deal will be announced within a couple of days, and will value Infratel at around Rs 22,000 crore”. The company plans to reduce its debt of over Rs 38000 crore from this sale and consolidate its other portfolios. Standard Chartered and SBI capital markets will be the official bankers to initiate and finalize this deal.
Last month American Tower Cooperation bought the controlling stake in Vion Networks .The deal was then valued around 21,000 crores.
RCOM is the largest stakeholder in Reliance Infratel with 96% stake followed by small investors like George Soros’ Quantum (M), NSR Partners, Galleon, HSBC Daisy Investment (Mauritius), Drawbridge Towers and Investment Partners B (Mauritius).All the other partners will also exit the business along with Reliance communications.