Mergers and Acquistions News
Categories: Telecoms
June 7th 2010, 17:23PM
Telecoms giant Reliance Communications has agreed to sell up to 26 per cent of the company as it seeks to consolidate its position amid a tough market in India.
The board of Reliance announced on Sunday that it had voted in favour of selling just over a quarter of the company which, based on current share prices, would value a deal at around $2 billion (£1.4 billion).
Although no offers have yet been made, it is understood that Reliance has been in talks with Dubai-based Emirates Telecommunications Corp (Etisalat) for a similar stake valued for around $4 billion (£2.7 billion).
The announcement has seen the company's share price rise sharply during Monday morning trading.
Reliance Communications is India's second-largest and the only major mobile phone company in the country that does not have a strategic partnership deal with a foreign firm.
It has a subscriber base of over 100 million and is controlled by billionaire Anil Ambani.
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