Saturday, February 18, 2012

Blackstone, Carlyle close in on Anil Ambani's tower biz

After months of negotiations, Anil Ambani's plan to sell his tower business has reached the final lap. Private equity giants Blackstone and Carlyle Group have signed a term sheet to buy up to 95 per cent stake in Reliance Infratel. The term sheet was signed a few weeks ago. Reliance Communications (RCom), which controls Infratel, owns nearly 50,000 towers across the country and the valuation of the deal has been pegged at Rs 15,000-20,000 crore, based on a mutually acceptable formula, sources in the know say. Based on this value, RCom will get Rs 31-41 lakh a tower, substantially less than the nearly Rs 1.2 crore a tower the company got by selling five per cent stake to sundry investors in 2007.
Source: Business Standard

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