Shareholders of Anil Ambani group company Reliance Communication voted for hiving off of the tower business amid reports that US firms are interested in picking up equity in the new company that could be valued upto $5 billion.Demerger of wireless towers and related infrastructure, approved by shareholders yesterday, for transferring to another subsidiary Reliance Telecom Infrastructure Ltd would enhance financial flexibility and cost efficiency, Reliance Communication said in a statement.After a decision by the board, group chairman Anil Ambani had said “this is the first of a series of initiatives we will be taking to remain asset light and enhance our competitiveness, ultimately leading to unlocking of further value for the benefit of our nearly 2 million shareholders.” Reliance Communication — which is in a race to buy Hutchison Essar — said in a statement that equity shareholders met yesterday and approved a scheme of transfer of the wireless towers to RTIL with an overwhelming majority.
