Friday, January 15, 2010

Reliance Infratel got SEBI Nod

Mumbai: Reliance Communications has got Securities and Exchange Board of India's nod for initial public offering (IPO) of its tower unit. At present, Reliance Communications owns 95 percent of Reliance Infratel and the balance five percent is held by seven financial investors.

Currently, Reliance Infratel has 50,000 towers and optic backhaul infrastructure across 25,000 towns and 600,000 Indian villages. Comparing the valuation of the tower deal between GTL and Aircel, which is based on an average of Rs.48 lakh per tower, Reliance Infratel can be valued at around Rs.24,000 crore.

The consolidation spree in tower space had started long back in 2007 when Bharti Airtel, Vodafone-Essar and Idea Cellular came together and decided to spin off their towers into an independent company, Indus Towers, which currently has over 100,000 towers. As per the September'09 report of Reliance Equities, the number of telecom towers in India in 2009-10 is estimated to grow to 337,375 from an estimated 282,074 in 2008-09.

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