The Hindu Business Line : Reliance Telecom Infra plans listing this year

Mumbai, July 17 Reliance Telecom Infrastructure Ltd (RTIL), a subsidiary of Reliance Communications Ltd, which is engaged in setting up telecom towers in the country would be listed on the stock exchange this year. There would also be a private placement of the company’s equity with select international investors, said Mr Anil Ambani, Chairman of RCom . He was addressing the shareholders during the third AGM of the company on Tuesday.

Mr Ambani said RTIL was expected to get a positive response . The company would be building 23,000 towers in the fiscal, he said.

RCom is also planning to invest Rs 16,000 crore for network expansion for the fiscal. It aims to operate the largest wireless network in the world by year-end, covering 900 million users and 23,000 towns. Its fixed-line business will be extended to cover almost 500,000 buildings in 360 business districts in the biggest cities and towns, Mr Ambani said.

Mr Ambani said that at the end of last year the coverage of RCom extended to 50 per cent of the country’s population and by end of the this year, the company intends to increase the coverage to 90 per cent.

Mr Ambani said RCom would sell a stake in Flag Telecom through a private placement before an overseas share sale by the end of this year. The company on Monday acquired Yipes Communications Inc., with operations in 14 US cities, for $300 million. Flag cable system will be expanded to 60 countries from 40 across the world. Flag will spend $1.5 billion this year to expand connectivity, he said.

RCom’s back-office services unit has more than 7,800 employees . The aim of the company is now to make it an independent and profitable business, Mr Ambani said.

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