RCom in talks with ATC, Carlyle for stake sale in tower biz

Telecom operator Reliance Communications (RCom) is in talks with American Tower Company (ATC) and Carlyle to sell a majority stake in its tower subsidiary Reliance Infratel in the current financial year.

In a clarification to BSE exchange over a media report that said ATC and Carlyle lead race for a majority stake in Reliance Infratel, RCom said, "The company has started a process to monetise the valuable tower and fibre assets held in its subsidiary, Reliance Infratel, within the current financial year."

"We wish to state that the process is continuing," the filing said.

Sources, however, separately said the company is in talks with ATC and Carlyle and others for selling a majority stake in Reliance Infratel.

The BSE had sought a clarification from RCom on a media report that the company was in talks for the sale of a majority stake in Reliance Infratel.

The report said that ATC and Carlyle were leading the race to buy a 51 per cent stake in Reliance Infratel for about Rs 20,000 crore to 24,000 crore.

Reliance Infratel has more than 45,000 mobile towers.

"The company will make further disclosures, as and when these developments lead to a disclosable event," RCom said.

Shares of RCom on Monday closed at Rs 61.8 a unit, up 0.24 per cent compared to the previous close on the BSE.

Reliance Communications (RCOM)