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George Soros, six others buy into RCoM’s tower biz

Wednesday, August 8, 2007

US billionaire George Soros and six other investors have picked up 5% stake in Anil Ambani Group firm Reliance Communications’ tower business for Rs1,400 crore.

Besides Soros, other investors who bought the stake in Reliance Telecom Infrastructure Ltd are HSBC, Fortress Capital, Galleon, GLG Capital, DA Capital and Newsilk, an RCoM spokesperson said.

The company had earlier announced the stake sale but made public the name of investors on 8 August. It is also believed to be in talks with American Tower Corporation to sell about 20% in RTIL.

It could also go for more stake sale either through IPO or further placements with private equity firms and investors, Ambani had said earlier.

Reliance has 14,000 towers and plans to add 23,000 more by March 2008.

Posted by FR at 8:36 PM  

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