On 14 December 2006, Reliance
Communications raised a $1 billion from international markets to acquire
Hutchison’s stake in its Indian venture.
The deal was facilitated by ABN Amro,
Standard Chartered and Citibank. The proceeds of the transaction will be used
for general corporate purposes. It was learnt that three American firms -
Carlyle, Blackstone and Texas Pacific Group were in talks with RComm to buy 67
per cent stake held by Hutchison in the joint venture Hutch-Essar.
Reliance Communications had earlier
announced that it would raise up to $1 billion by issuing securities in overseas
markets.
Also See:
Reliance
earmarks Rs.2,000 crore for GSM operations in Mumbai (16-Nov-06)