Reliance Communications (RCOM) is now in the final phase of concluding the deal to exit its tower business, Reliance Infratel.

The company has shortlisted four bidders — US-based Farallon Capital, Carlyle, Tillman Capital and American Tower Corporation. Of these, two of the bidders have proposed to buy out RCOM's entire stake in Reliance Infratel, while the two others want to acquire 51 per cent stake in the business.
As per industry reports, RCOM would prefer to completely exit the tower business even if the deal comes at a slightly lower valuation, as it needs the funds to reduce its debt.

The operator is currently carrying out due diligence process and the final binding bids and financial commitment and closure of the deal is expected to take place by October end-October 2015.

Standard Chartered and SBI Capital Markets are managing the stake sale process for RCOM.

Reliance Infratel is 96 per cent owned by RCOM, with the remaining stake held by minority and institutional investors such as George Soros' Quantum (M), NSR Partners, Galleon, HSBC Daisy Investment (Mauritius), Drawbridge Towers, and Investment Partners B (Mauritius).

The tower company currently has 45,000 towers and over 120,000 km of intra- and inter-circle fibre network.