Reliance Communications (RCOM) said it has received several indicative offers for acquiring a controlling stake in its tower arm, Reliance Infratel. It added that its board has approved taking the process to the next stage of detailed due diligence, with a view to completing the procedure at the earliest.
Weighed down by debt and falling profits, RCOM has been exploring several fund raising options, including selling a 26 per cent stake in its wireless business and a controlling stake in its tower arm.
RCOM also cautioned investors that the proposed tower deal was only a preliminary disclosure, and any such potential transaction was subject to appropriate due diligence, negotiations, documentation and approvals.
