RCOM Ltd.’s arm

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Investee: RCOM Ltd.’s arm

Investor: Fortress Capital, HSBC, et al

Investment Value: $337.5 mn

According to Anil Dhirubhai Ambani, Chairman, RCOM, “We are excited about the tremendous growth potential in the Indian telecom infrastructure business. Our strategy to create a separate company for infrastructure businesses has resulted in tremendous unlocking of value for over two million RCOM shareholders. RTIL, as an independent telecom infrastructure provider, has significant growth potential and is on track to become the leading player in India. RTIL will be listed in the future and provide investors another attractive opportunity to participate in India’s incredible telecom growth.” RTIL has already filed the draft Red Herring prospectus with SEBI and would hit the capital market soon to raise an expected Rs.6,000 crores from the public.

Reliance Telecom Infrastructure Limited (RTIL), the hived-off tower business subsidiary of Reliance Communication (RCOM), shelled out 5% of its stake to seven investors – Fortress Capital, George Soros, Galleon, GLG Capital, HSBC, DA Capital and Newsilk – for Rs.14 billion in July last year. The deal put the valuation of its tower business at about Rs.270 billion. The Anil Ambani owned RCOM is one of the first telecom companies in India to separate its tower business. RTIL builds, owns and operates communications towers and related assets under long term contracts. The company intends to invest Rs.46.23 billion in setting up 16,000 towers by 2009.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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