Indian TelCo on Course to Exit Tower Business

The Indian telecom company Reliance Communications is close to a complete exit from the tower business with the sale of Reliance Infratel. Four companies are in the final stages of bidding: US-based Farallon Capital, Carlyle, Tillman Capital and American Tower Corporation. “Two of the bidders want to buy out RCom’s entire stake, while the two others want 51%. RCom would prefer to completely exit the tower business even if the deal comes at a slightly lower valuation as it needs the funds to reduce its debt,” someone familiar with the deal told the Economic Times.  Management presentations have been completed, and the due diligence process should be finished in the next two weeks. “Final binding bids and financial commitment and closure of the deal is expected to be in another two weeks from then, around October 20-22,” the Economic Times reported.