Mumbai, Jun 11: The Mukesh Ambani-led Reliance Industries is all set to foray into the growing telecom industry by acquiring Infotel.
In a filing to Bombay Stock Exchange (BSE), Reliance Industries Ltd (RIL) on Friday, Jun 11 announced its plans to acquire 95 per cent stake in Infotel for Rs 4,800 crore.
Following the acquisition, Infotel, which won the pan-India bid for the just-concluded broadband wireless services for all 22 circles for Rs 12,847.77 crore, will become RIL's subsidiary.
Celebrating the news, RIL stock ended 3.2 per cent higher on the stock exchange and in turn helped the benchmarks end above the psychological levels for the first time in the week. RIL is India's largest-listed conglomerate.