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Friday, June 11, 2010
RIL acquires majority stake in Infotel Broadband
In a bid to enter the telecoms sector, Reliance Industries (RIL) is learnt to have acquired a majority stake in Infotel Broadband, reports CNBC-TV18 quoting sources. The decision, which, according to sources, was taken on Monday, would be announced shortly. RIL is expected to pay BWA spectrum fee and infuse funds for the rollout. The company would evaluate tech options for the same.
Unlisted Infotel Broadband Services, which has over five lakh subscribers, is the only firm to win the broadband spectrum in all 22 zones in an auction that ended on Friday. The firm is paying Rs 12,848 crore (USD 2.7 billion) for the spectrum.