Reliance Comm gets several bids for tower unit stake sale

Reliance Communications (RCom), part of the Anil Ambani-led group, has received non-binding bids from a number of parties for sale of 51 percent stake in its tower subsidiary Reliance Infratel, a filing by the company in the BSE said on Monday.

"The company has received indicative non-binding bids from a number of interested buyers, and has short-listed a smaller number of very credible interested parties to progress to the next round of the process," the company said in a statement.

"With reference to the earlier letters dated May 6, 2015, May 20, 2015 and June 29, 2015, Reliance Communications Ltd. has now informed BSE that the formal process for sale of a controlling 51 percent stake in Reliance Infratel was launched a few weeks back, and got a very positive response," it added.

Some of the short-listed bidders have expressed interest to acquire up to 100 percent of RCom's stake in Reliance Infratel.

"The due diligence process has now commenced. Further announcements will be made, as and when appropriate. The sale proceeds from the proposed transaction are expected to substantially reduce RCom's overall gross debt during the current financial year," the company added.