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Nine giants in race for 26% in RCOM’s tower biz
Tower Vision, American Towers, Apax Partners, Carlyle, Temasek, George Soros, Blueridge & Tiger in Race
AS MANY as nine investors are currently in talks with Reliance Communications (RCOM), the country’s second-largest wireless service provider, for picking up a minority stake in its telecom infrastructure business. RCOM is currently in the process of spinning off its telecom infrastructure into a separate company — Reliance Telecom Infrastructure Limited (RTTL).
According to RCOM sources, the companies that are currently engaged in carrying out due diligence of RTIL include global tower infrastructure majors—Tower Vision and American Towers, private equity investors—Apax Partners; Carlyle; and Temasek, the private equity arms of HSBC and Deustche Bank, and financial investors—George Soros, Blueridge and US-based Tiger. The company is looking to divest up to 26% stake in RTIL to strategic investors and has been in negotiations with many investors over the last 2-3 months. Sources in the industry say the deal could be in the range of $ 1 billion for a minority 26% stake in the telecom major’s tower business, pegging the valuation of the tower company at $4 billion. Reliance Communications currently owns over 14,000 towers, and is in the process of adding another 20,000 this fiscal.
ET has also learnt that JP Morgan is the advisor to RCOM. The preliminary bids from these nine players are expected by June 7 and the stake sale is expected to be completed by June 30, sources added.
ET had first reported last week that US private equity giant Carlyle and American Towers had formed a partnership to buy and own tower companies in India, while adding that the duo would also be bidding for a minority stake in Reliance Communications’ tower business.
The potential for standalone tower business in India can be gauged from the fact that
the country will need about 3,50,000 telecom towers by 2010 compared to about 1,11,000 at present, as per estimates made by the Telecom Regulatory Authority of India, the telecom watchdog.
India currently has 171.46 million mobile users. The Centre for Telecoms Research (CTR), London, recently predicted that the country’s mobile phone user base will grow to 600 million by 2011 — an astounding three-and-half fold growth in the next four years. With infrastructure creation being the primary driving force that will sustain growth in the world’s fastest growing cellular market, standalone tower companies have huge opportunities ahead of them.
Apart from Reliance Communications, other telcos such as Bharti Airtel and Idea Cellular are all in the process of hiving off their towers. While Bharti Airtel has said that this would create operational efficiency, RCOM hopes to reduce its capex requirements and leverage the parent company’s balance sheet, as it would be run by independent financing.
Internationally, tower management companies have been highly successful. Globally, this is an emerging business model with cell cites and other related infrastructure being owned by third parties, who lease them out to multiple service providers.
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