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Journalism of Courage
Reliance Communications,India’s second-biggest mobile carrier,is in talks with investors for a sale of stake in its tower unit,Chairman Anil Ambani said on Tuesday.
In an unexpected blow,the company’s agreement to spin off the mobile towers unit,Reliance Infratel,into a venture with GTL Infrastructure had fell apart earlier this month.
That deal,announced in June,would have cut debt by about $3.9 billion,or more than half.
“In Reliance Infratel,we are in discussions with strategic and financial investors to unlock value,” Ambani told the company’s shareholders at their annual general meeting.
“We also have the possibility,if considered appropriate,of combining such a transaction with a possible IPO.”
