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Reliance Industries to Acquire Stake in Infotel- Pan India BWA Winner

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Reliance Industries Limited (RIL) today announced that it has entered into an agreement to acquire a substantial stake in Infotel Broadband Services (P) Ltd, which has emerged as a successful bidder in all the 22 circles (Pan India) of the auction for Broadband Wireless Access (BWA) Spectrum conducted by the DoT.

RIL said that it will invest about Rs 4,800 crore by way of subscription to fresh equity capital at par to be issued by Infotel Broadband. Post this investment, RIL will own 95% of the equity and Infotel Broadband will be a subsidiary of Reliance Industries Limited.

RIL claims that the broadband opportunity as a new frontier of knowledge economy in which it can take a leadership position and provide India with an opportunity to be in the forefront among the countries providing world-class 4G network and services.



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