RCoVL to merge 9 arms

Category: Reliance | No Comments | Posted on June 6, 2006

Reliance Communication Ventures will merge its nine subsidiaries with itself and will be rechristened as Reliance Communications. It will be headquartered in Mumbai.

The ADAG companies, which will be amalgamated with RCoVL, are Reliance Infocomm (the CDMA business), Reliance Communications Infrastructure (the equipment arm), Reliance Communications Solutions (RCS), Reliance Software Solutions (RSS), Reliance Communications Technologies (RCT), Ambani Enterprises, Reliance Business Management (RBM), Formax Commercial and Panther Consultants.

However, the company’s GSM business, Reliance Telecom (RTL), will not be merged with RCoVL. RTL is a wholly-owned subsidiary of RCoVL. Some foreign telcos and private equity firms are keen on picking up a stake in RTL.

RCoVL fell 3.28% to Rs 251 on Monday.

Source: ET

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