Reliance Indus buys Infotel for Rs 4,800 cr

Mukesh Ambani-led Reliance Industries (RELIANCE.NS : 1046.4 +31.05) agreed to access Infotel for Rs 4,800 crore in a accord that ethics the Mahendra Nahata accumulation internet account provider at about Rs 5,000 crore.

As allotment of the accord RIL would animate Rs 4,800 crore in the aggregation as beginning disinterestedness basic to accretion 95 per cent stake, the aggregation said in a statement.

Announcement of the accord came aural hours of Infotel arising as the sole champ of broadband spectrum for the absolute country for Rs 12,872 crore.

This marks Mukesh Ambani group's access into telecom area in beneath than a ages of he and his adolescent brother Anil extensive a accord by catastrophe all the no-compete agreements to accredit anniversary added an befalling to access and advance in areas ahead barred beneath the ancestors adjustment accomplished in 2005 for analysis of Reliance empire.