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Reliance Communications in advanced talks to sell tower unit stake

Ravi budhwar

21 Apr 2011
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Reliance Communications , India's second-largest mobile phone carrier by subscribers, is in advanced talks with a number of consortiums to sell its stake in its telecoms tower unit, Chairman Anil Ambani said on Tuesday.

The deal, once completed, will be the largest private equity transaction in India, Ambani, the eighth richest Indian according to the Forbes global rich list, said at the company's annual shareholders meeting on Tuesday.

Saddled with more than $7 billion in net debt, Reliance Comm posted its eighth consecutive profit decline in the quarter ended June. The company has been trying to sell its tower unit to cut debt.

Ambani also said Reliance Comm's founders will raise their stake in the company to 75 percent, from 67.9 percent at the end of June. Shares in the company extended their gains to 4.7 percent following the news.
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