MUMBAI NEWS: Indian mobile operator Reliance Communicationsis in advanced talks to sell fibre optic cables and telecoms tower business to Reliance Industries, according to a newspaper report.
Reliance Communications, owned by billionaire Anil Ambani, was earlier in talks with other buyers for its tower business, the newspaper said, citing people with knowledge of the situation.
Officials at Reliance Communications and Reliance Industries could not immediately be reached by Reuters for comment.
The paper said Reliance Communications would also provide infrastructure and back-end support to the telecoms operations of Reliance Industries, controlled by Anil’s brother Mukesh Ambani.
The board of debt-burdened Reliance Communications, India’s No. 2 mobile operator, has approved a proposal to bring investors into its tower unit to create an independent infrastructure business.
Mukesh has made a dramatic return to the telecoms sector after Reliance Industries agreed to buy Infotel Broadband, a little-known company that emerged as the sole player to win a nationwide wireless broadband licence in an auction