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Our Bureau

Mumbai, Nov. 3

The Board of Reliance Communications Ltd (RCOM) has approved a scheme of transfer of its existing wireless towers (CDMA and GSM) and related infrastructure of the company to a 100 per cent subsidiary.

"This is the first of a series of initiatives we will be taking to remain asset-light, and enhance our competitiveness, ultimately leading to unlocking of further value for the benefit of our nearly 2 million shareholders," said Mr Anil Ambani in a statement.

The board also decided that, henceforth, all new towers and related infrastructure will be set up by the Tower Company , with independent financing, thereby reducing capex requirements and leveraging on RCOM's own balance sheet, said the statement.

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