Reliance Industries Limited (RIL) has entered into an agreement with HFCL to buy a substantial stake in the latter’s subsidiary, Infotel Broadband Services. Infotel was set up in 2008 with the objective of rolling out Wi-Max services on a panIndian basis, and has recently won the pan-Indian broadband wireless access (BWA) licence. RIL is likely to set up a special purpose vehicle for the acquisition. RIL’s move follows the expiry of the “nocompete” agreement signed between Anil Ambani and Mukesh Ambani in 2005 after the division of their businesses.
