Reliance Communications (RCOM) has said that the deal to sell a majority stake in Reliance Infratel should be concluded over the next three months.
According to Syed Safawi, president, wireless business, RCOM, the operator?s discussions with prospective partners are at an advanced stage.
He said that the company plans to sell between 51-95 per cent stake in the tower business. RCOM has a 10-year tenancy agreement with the infrastructure company, which will continue post the equity sale. The agreement also has an in-built rent escalation clause over the 10-year period.
The operator hopes to settle half of its debts from the sale of equity. RCOM has debt of around Rs 320 billion.
