Hope to sell telecom towers arm soon: Ambani

Mumbai : Reliance Communications is in advanced stages of talks to sell its stake in its towers infrastructure subsidiary, while the promoters want to raise their holding in the company to 75 percent, chairman Anil Ambani said Tuesday.

Addressing the annual general meeting of the company here, Ambani said when the deal is concluded to sell stake in the Reliance Infratel, the towers arm, it would be the largest deal in private equity space in India.

“I am sure that we will be able to move forward expeditiously,” Ambani said.

Regarding hiking their stake, Reliance Group promoters held 67.86 percent equity in the company as in June, as per information available with the Bombay Stock Exchange. But that will have to wait the new takeover norms of markets watchdog.

The news, nevertheless, had a positive impact on the shares of the company, which rose nearly 4.5 percent at Rs.81.85 Tuesday. It later dropped a bit to settle around Rs.80.

IANS

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