Reliance Communications (RCom) is close to finalising a deal to sell its entire stake in tower unit Reliance Infratel, sources aware of the development said. R Com owns about 96 percent stake in Infratel and the sale would fetch it around Rs 22,000 crore, which will be used to retire some debt. The sources further added the deal values Infratel at around Rs 22,500 crore.
Reliance Infratel has about 43,500 mobile towers. The debt of RCom stood at around Rs 38,000 crore. According to sources, the deal is almost finalised and is likely to be announced within 10 days. When contacted, RCom declined to comment. A few months ago, RCom had said that it had short-listed bidders that have sought to acquire up to 100 percent stake in Infratel.