By Dhanya Ann Thoppil and Romit Guha
- Prashanth Vishwanathan/Bloomberg News
- Above, a Reliance Communications tower in New Delhi.
Swayamvar is a Hindu ritual wherein a bride selects her groom from a gathering of suitors. A similar process could be underway for the telecom tower unit of Reliance Communications Ltd. and a group of potential "white knights."
A little over a week after India’s second largest mobile phone company by subscribers said it had received several “formal indicative offers” to buy its controlling stake in Reliance Infratel Ltd., the names of some prospective grooms have cropped up in a media report.
Citing unnamed sources, Bloomberg News Wednesday reported that private-equity firms TPG Capital, Carlyle Group LP, Blackstone Group LP (BX) and London-based Apax Partners LLP are among those either keen, or in talks, to buy a stake in Reliance Infratel.
The companies mentioned couldn't immediately be reached for comment.
Selling the unit would help Reliance Communications cut its 320.49 billion rupees ($7.17 billion) debt, taken to pay for third generation mobile services and to expand its network. The debt has weighed heavily on the company, which has reported 11 straight year-on-year declines in quarterly profit.
Wednesday's report boosted Reliance Communications' shares. In afternoon trade, the stock was up 2.0% at 93.85 rupees on the Bombay Stock Exchange, while the benchmark Sensex was off 0.1%.
Usually such news [...]
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