RCom gets several bids for 51% stake in tower unit

Reliance Communications. Reuters file photo

Reliance Communications has said that it has received many bids for a 51 per cent stake in its tower unit.

“The formal process for sale of a controlling 51 per cent stake in Reliance Infratel was launched a few weeks back, and got a very positive response. The company has received indicative non-binding bids from a number of interested buyers, and has short-listed a smaller number of very credible interested parties to progress to the next round of the process,” RCom said.

Some of the short-listed bidders have expressed interest to acquire up to 100 per cent of RCOM’s stake in Reliance Infratel. The due diligence process has now commenced, it added.