RCOM to sell its tower business Reliance Infratel in 2013
Reliance Communications (RCOM) plans to conclude the sale of its tower business, Reliance Infratel in 2013, say news reports.
The company is targeting a debt-EBITDA level of three by 2015 by selling off a few of its businesses, such as, its tower business. RCOM has been awaiting regulatory approvals for carrying out the sale of its tower business.
The company has a debt of about Rs 350 billion. RCOM also plans to re-launch the initial public offering (IPO) of its submarine cable unit Flag Telecom in Singapore. Earlier, owing to unfavorable market conditions, the company had to shelf its $1 billion IPO for Flag Telecom.
