Reliance plans $900m tower group IPO

Robert Clark
23 Sep 2009
00:00

Reliance Communications plans an IPO of its tower group Reliance Infratel in a listing that could yield as much as $900 million.

It has told the Bombay Stock Exchange that it plans to list 10% of the wholly-owned subsidiary.

The IPO could raise $900 million, sources close to the deal told Reuters.

The company had applied for an IPO in February last year but shelved it because of the poor market.

Infratel owns around 50,000 mobile network masts in India. Competition for scarce tower space is likely to soar after the government auctions off 3G licenses nationwide in December, with a new licensee in every circle.

Reliance has estimated that the number of slots will grow from approximately 400,000 in 2009 to 700,000 in 2010 and said it aimed to be the preferred infrastructure provider for new operators.

Infratel posted positive ebitda of 6.75 billion rupees ($141 million) on sales of 14.5 billion rupees last year.

Related content

Follow Telecom Asia Sport!
Comments
No Comments Yet! Be the first to share what you think!
This website uses cookies
This provides customers with a personalized experience and increases the efficiency of visiting the site, allowing us to provide the most efficient service. By using the website and accepting the terms of the policy, you consent to the use of cookies in accordance with the terms of this policy.