Reliance Ind buys Infotel for $1 bn

NEW DELHI, INDIA: India's Reliance Industries has bought a majority stake in Infotel Broadband Services, CNBC TV 18 said on Friday, citing unnamed sources. Reliance Industries said the deal is valued at about $1 billion.

Also, the company will pay Infotel' broadband spectrum fees, a source with direct knowledge of the matter said.

Unlisted Infotel Broadband Services is the only firm to win broadband spectrum in all 22 zones in India in an auction that ended on Friday. The firm is paying 128.48 billion rupees ($2.7 billion) for the spectrum, the government says.