Anil Ambani to merge RIL Info with RCoVL
Anil Ambani-controlled RIL Communications Ventures would meet on Sunday to consider merger of RIL Infocomm with itself.india Updated: Mar 11, 2006 17:57 IST
Taking forward the promised consolidation of its telecom businesses, the Board of Anil Ambani-controlled Reliance Communications Ventures Ltd would meet on Sunday to consider merger of Reliance Infocomm with itself.
In a communication to the stock exchanges on Saturdayevening, RCoVL said the Board "would consider a proposal for reorganisation of RCoVL Group of Companies, including amalgamation of certain companies, in particular Reliance Infocomm."
The Board meeting is being held within a week of the March 6 listing of RCoVL on the bourses and the reorganisation is pursuant to a scheme of amalgamation under the Companies' Act.
The reorganisation, if approved by the Board, would be subject to all requisite permissions, sanctions and approvals including by the shareholders of the companies concerned, the RCoVL communication said.
Immediately after getting listed, Anil Ambani had announced an investment of over Rs 15,500 crore over the next three years to expand its telecom operations in the country.
Reliance Infocomm, which has pan-India footprint, offers a variety of services including mobile, fixed line, long distance and bandwidth to the BPO industry. The Infocomm venture is estimated to account for 90 per cent of the RCoVL's total business.