Reliance sells towers to GTL in order to cut debt

28 Jun 2010

Reliance Infratel, a subsidiary of India’s Reliance Communications, has revealed it is to spin off its 50,000 telecoms towers to GTL Infrastructure. Under the terms of the deal GTL will give Reliance equity and cash, as well as reducing Reliance’s consolidated net debt from INR330 billion (USD7.1 billion) to INR150 billion. Each Reliance shareholder will receive two to three shares in GTL. Reliance says the deal gives it ‘enhanced financial flexibility’ as it continues to look for a strategic partner to take a 26% stake in the company. Reliance added that it will retain its 200,000 kilometre fibre-optic network.

Subscribe

Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate

Browse

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share