Reliance Communications, part of the Anil Dhirubhai Ambani group, Monday said it will recast the ownership of a wholly-owned arm to create what it called "the world's largest independent telecom infrastructure company" and unlock value.
In a regulatory filing with the stock exchanges, the company said after the de-merger of Reliance Infratel, it will be a company that is not controlled by any telecom operator and would unlock value for existing shareholders.
In a regulatory filing with the stock exchanges, the company said after the de-merger of Reliance Infratel, it will be a company that is not controlled by any telecom operator and would unlock value for existing shareholders.
The formal announcement Monday came after market closed. The Reliance Communications scrip closed 3.71 percent higher at Rs.179.
Since the beginning of this month reports said the UAE-based Etisalat was interested in acquiring a stake in Reliance Communications, which has a subscriber base of 109 million and offers mobile services on both GSM and CDMA platforms.
The speculation of stake sale was reinforced after Etisalat, which has been bullish on India and wants to be a major player in the country, withdrew from the third generation (3G) telecom airwaves auction after the bids surpassed the $2 billion-mark.
Since the beginning of this month reports said the UAE-based Etisalat was interested in acquiring a stake in Reliance Communications, which has a subscriber base of 109 million and offers mobile services on both GSM and CDMA platforms.
The speculation of stake sale was reinforced after Etisalat, which has been bullish on India and wants to be a major player in the country, withdrew from the third generation (3G) telecom airwaves auction after the bids surpassed the $2 billion-mark.
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