Three Deals to be Finalised by Reliance Communications by Mid-2017, including Aircel Merger
RCom (Reliance Communications) anticipates finalizing three proposed deals which will also include a merge with Aircel, by the middle of this year.
The telecom giant has agreed to sell fifty one percent stakes in Reliance Infratel, the tower unit of the company, to Brookfield Group of Canada for Rs 11,000 crore.
The tower unit sale along with RCom’s plan to merge their wireless business with Aircel is anticipated to be completed by middle of 2017. By March end, a merger with Systema Shyam Teleservices is likely to be completed.
RCom Co-CEO, Gurdeep Singh stated that, consolidation is the key behind success in the industry. He also added that, an upfront running role is being played by Reliance Communications in the consolidation of the industry.
It is expected that, the Aircel and Brookfield transactions will assist RCom to reduce its debt by seventy percent in 2018. The debt of RCom as of December 31 stood at Rs 42,800 crore. In December, fifty one percent of the tower business of RCom was sold to Brookfield.
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