Reliance Communications Ltd., India’s second-largest wireless operator, said its board approved a plan to sell shares overseas in its Flag Telecom unit.
Spokesman Gaurav Wahi declined to provide additional details in a phone interview from Mumbai. The company last month said it will spend $1.5 billion to expand the unit’s undersea fiber-optic cable network over the next 46 months.
Reliance Communications this month said shareholders approved a plan to transfer control of its cellular towers and other infrastructure to a wholly owned unit called Reliance Telecom Infrastructure Ltd. The company has more than 12,000 cellular towers.