RELIANCE COMMUNICATIONS LTD. - Updation on Reliance Infratel Stake Sale

With reference to the earlier letters dated May 06, 2015, May 20, 2015 & June 29, 2015, Reliance Communications Ltd has now informed BSE that the formal process for sale of a controlling 51% stake in Reliance Infratel was launched a few weeks back, and got a very positive response.<BR><BR>The Company has received indicative non-binding bids from a number of interested buyers, and has short-listed a smaller number of very credible interested parties to progress to the next round of the process.<BR><BR>Some of the short-listed bidders have expressed interest to acquire up to 100% of RCOM's stake in Reliance Infratel.<BR>The due diligence process has now commenced. Further announcements will be made, as and when appropriate.<BR><BR>The sale proceeds from the proposed transaction are expected to substantially reduce RCOM's overall gross debt during the current financial year.