Reliance Comm to sell its 10% stake in Rel Infratel

Reliance Communications Ltd., India’s second-largest wireless carrier has announced to sell its 10% stake in its Reliance Infratel Ltd.

Reliance Infratel Ltd is a telecommunications infrastructure unit. According to the latest updates, Reliance Communications is seeking regulatory approval for sale of its 10 percent stake in its Reliance Infratel Ltd. unit.

Earlier to this, the telecom infrastructure unit has already sold a 5 percent stake to seven global investors for about $290 million in 2007. Earlier, the company has plans to sell off plans back in 2008, but the company delayed its plans in view of slumping India’s benchmark stock index. The India’s benchmark stock index slumped 52 percent.

The sale will also help Reliance Infratel to pull funding for nationwide network of 48,000 towers as demand for leasing networks increases.

The related sources cited that Reliance Infratel is reviving its plan to raise around $1 billion by selling shares.