Anil Ambani group today announced a Rs 50,000-cr deal to merge its telecom tower business with GTL infrastructure, a move that would help RCom cut down its debts by more than half.
The Boards of RCom, its subsidiary Reliance Infratel Ltd. and GTL Infrastructure today in-principle approved a Rs 50,000-crore (USD 11 billion) deal to create the world’s largest independent telecom infrastructure company, neither owned nor controlled by any telecom operator, the company said in a statement.
RCom in a statement said that the cash infusion and equity swap ratio would be decided in due course of time.
Sources close to the deal said that the deal would help RCom reduce its Rs 33,000-crore debt by Rs 18,000 crore.
The deal comes soon after the warring Ambani brothers called off their five-year-long dispute and scrapped the non-compete agreement between the two.
This transformational deal will be implemented through a demerger of RINFRATEL’s tower assets into GTL INFRA, it added.
India’s largest optic fibre network of over 200,000 kms and related assets owned by RINFRATEL will remain under RCom’s ownership.
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