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See more consolidation post R-Comm, GTL tower deal: Experts

28 Jun 10 11:04 AM
Money Control
Reliance Communications, India's No. 2 mobile carrier, agreed to sell its telecoms tower business to GTL Infrastructure Ltd to create what it said would be the world's largest telecom infrastructure firm not controlled by a telecom operator.

Financial terms of the deal were not disclosed, but the combined company would be worth over USD 11 billion (Rs 50,000 crore) and would own more than 80,000 towers, with more than 125,000 tenancies from 10 operators, Reliance Comm said.

Debt-laden Reliance Communications, controlled by billionaire Anil Ambani, earlier this month announced a plan to create an independent tower unit. It had previously planned to spin-off its 95% owned telecoms infrastructure arm, Reliance Infratel, through an initial public offering.