Advertisment

RComm may sell stake in tower arm

author-image
CIOL Bureau
Updated On
New Update

NEW DELHI, INDIA: Reliance Communications , India's second-biggest mobile phone operator that is looking to sell up to 26 percent in the firm, may first go for a stake sale in its tower unit, the Mint reported on Monday.

Advertisment

The move is aimed at improving the mobile operator's valuations, the newspaper cited an unnanmed person familiar with the plan as saying.

Reliance Communications has received the capital markets regulator's approval for an initial public offer of the tower unit, Reliance Infratel, which banking sources have said could raise up to $1 billion. The company is yet to announce a date for the planned IPO.

The paper said a Reliance Communications representative declined comment.

tech-news