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Essar may be close to selling its tower unit

Essar may be close to selling its tower unit
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First Published: Sat, Feb 13 2010. 01 15 AM IST
Updated: Sat, Feb 13 2010. 05 17 PM IST
Hong Kong:Essar Group, the Indian business group controlled by Indian billionaire brothers Shashi and Ravi Ruia, is close to selling its mobile phone tower business for $425 million (Rs1,976 crore), a person with knowledge of the plan said.
The group plans to announce the sale of Essar Telecom Infrastructure Pvt. Ltd , India’s second biggest independent operator of mobile phone towers, by as early as 15 February, the person said, asking not to be identified before a public disclosure.
Manisha Awasthi, a spokeswoman at Essar Group, didn’t respond to an e-mail seeking comment on Friday.
The sale may give Essar funds to bid for third-generation wireless licenses that the government plans to auction. Barclays Plc is advising Essar Telecom on the sale.
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First Published: Sat, Feb 13 2010. 01 15 AM IST