Aiming to reduce debt, Anil Ambani's Reliance Communications (RCom) has sold about 150 residential flats in Navi Mumbai for Rs 330 crore.

RCom has already received more than 50% of the sale proceeds and the balance amount will be realised in the next 2-3 months, the company said in a statement.

Vodafone and Reliance Communications (RCom) are likely to sign 2G intra-circle roaming agreements across five circles. The deal will enable RCom to continue its 2G service by using Vodafone's spectrum in Bihar, West Bengal and Assam. The two companies are also in advanced talks to share 3G spectrum in Delhi and Mumbai to reduce their operational expenses as well as improve the quality of service, according to an agency report. The agreement will be signed in line with 3G intra-circle roaming norms, which allow an operator in a circle to use a partner's 3G network to sell and operate the services.

Reliance Communication (R-Com) board today approved sale of its tower unit to private equity buyout group TPG Capital and Tillman Global Holdings (TGH).

Though the amount of deal was not disclosed by the company, independent estimates put the asset value at around Rs 20,000-Rs 21,000 crore.

Reliance Communications (RCom) is close to finalising a deal to sell its entire stake in tower unit Reliance Infratel, sources said.

RCom owns about 96 per cent stake in Infratel and the sale would fetch it around Rs 22,000 crore, which will be used to retire some debt. The deal values Infratel at around Rs 22,500 crore. Reliance Infratel has about 43,500 mobile towers.

NEW DELHI: Reliance Communications % is set to sell its stake in tower unit Reliance Infratel in a deal which values the subsidiary at around Rs 22,000 crore and which will be announced within this week, people familiar with the matter said.

The sale of RCom's stake in Reliance Infratel to a private equity player would likely mark the complete exit of the fourth largest telecom services provider by customers from the telecom tower business in India.

Reliance Communications on Friday recorded an increase of 1.9 per cent in its net profit at Rs 156 crore for the September quarter, as voice business continued to remain under pressure. The revenue and net profit of the Anil Ambani-led company were below Street expectations for the period as its voice call operations slowed down compared with April-June period.

It reported a net profit of Rs 156 crore on a revenue of Rs 5,355 crore during the quarter. The net income was two per cent higher than Rs 153 crore posted in the same period a year ago, but lower than Rs 177 crore net profit seen in previous quarter.

MUMBAI: Reliance Communications on Monday announced plans to acquire Sistema Shyam's wireless service business for a 10% equity in the combined firm to Russia's Sistema.

The company which runs the only all-CDMA technology based network under the brand MTS will come without any debt, as its promoters will repay all loans prior to the merger, a joint statement said.

Mumbai: Anil Ambani-led Reliance Communications Ltd (R-Com) on Saturday informed stock exchanges that its board of directors will meet on Monday to consider a merger of the telecom business of Sistema Shyam Teleservices Ltd with itself, that could mark the start of much-anticipated consolidation in India’s telecom sector.

“Reliance Communications has informed BSE that a meeting of the board of directors of the company will be held on 2 November, inter alia, to consider a scheme of arrangement for demerger of telecom business undertaking of Sistema Shyam Teleservices into the company,” R-Com said in the notification.

Anil Ambani’s Reliance Communications and Sistema Shyam Teleservices, majority-owned by Russia’s Sistema JSFC, which entered into talks in June for a possible merger of their operations in the country through a stock swap, are likely to wrap the deal in a month’s time or so.

Though CNBC TV18 reported on Thursday morning that the due diligence is over and the board will meet next month, the two sides denied any such development.

Terming it as a “virtual consolidation” in the highly-competitive telecom space, Anil Ambani on Wednesday said his group firm RCom is tying up ‘trading and sharing’ of spectrum with Mukesh Ambani-led Reliance Jio including for the much-awaited 4G services.

Addressing shareholders at the Annual General Meeting, Reliance Communications Chairman also said he was “grateful” to his elder brother for “unstinted support and guidance”.

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