Reliance, led by Indian business man Mukesh Ambani entered the telecom arena with a bang, announcing the take-over of 95 per cent of Infotel for 837 million Euro, only hours after the company emerged as the winner of a licence for pan-Indian broadband spectrum.
With this deal the biggest Indian conglomerate in terms of market capitalization catapults itself at the top of India?s telco industry. Reliance will not only pay the 2.3 billion Euro Infotel offered for the spectrum network, but also announced further investments in the networks of 1.6 billion Euro. As a result, Reliance is the only provider of broadband telco services in all parts of India.
Sources: Financialexpress, Heise