RCom sells 5 pc stake in RTIL to overseas group

Mumbai July 19 (UNI) Reliance Communications today announced that a group of investors from US, Europe and Asia has purchased five per cent equity share in its 100 per cent subsidiary, Reliance Telecom Infrastructure Limited (RTIL), at an equity value of USD 6.75 billion (Rs 27,000 crore).

The transaction will result in a cash inflow of Rs 1,400 crore to to the company.

RCom's residual 95 per cent stake in RTIL is valued at USD 6.40 billion (Rs 26,000 crore) and company will pursue opportunities for further unlocking of value through RTIL IPO by the year end.

Talking to media persons after announcing the deal, RCom chairman Anil Ambani said, ''We are excited about the growth potential in the Indian telecom infrastructure business.'' ''Our strategy to create a seperate company for infrastructre business has created a tremendous value for our shareholders,'' he added.

RTIL is an independent wireless telecommunications infrastructure company in India, engaged in the business of buildinng, owning and operating communications towers and related assets.

UNI