Rcvl board approves ownership restructuring of its group cos

Mumbai, Mar 12 (UNI) The board of directors of Reliance Communications Ventures Ltd (RCVL) today approved the proposal of reorganising the ownership structure of all its major operating companies, which valued at Rs 61,000 crore at the current market valuation.

The re-organisation has been proposed within the five trading days of the listing of RCVL, to expedite value enhancement for over two million RCVL shareholders, said RCVL Chairman Anil Ambani in a statement.

The companies involved in the re-organisation included Reliance Infocomm Ltd (RIC), Reliance Communications Infrastructure Ltd (RCIL) and Reliance Telecom Ltd (RTL), in which the RCVL currently has a shareholding of 45 per cent, 45.3 per cent and 35.6 per cent respectively.

Mr Ambani, being an interested director, did not participate in the proceedings of the board meeting today.

The re-organisation will be achieved through a share swap only, and would not involve any cash outgo. It would be effective from April one.

''The proposed re-organisation upholds the highest principles of transparency, fairness and corporate governance, and is a historic milestone in our endeavour to create the most valuable India-based global communications services company,'' Mr Ambani observed.

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