Reliance Industries Snaps Up Infotel Stake For $1B

Law360, New York (June 11, 2010, 1:02 PM EDT) -- India's Reliance Industries Ltd. has unveiled plans to shell out 48 billion rupees ($1.02 billion) for Infotel Broadband Services Ltd., a move that gives Reliance a 95 percent stake in a broadband provider that has just won the right to provide wireless access to all 22 service areas in India.

Under the terms of the deal, announced Friday, Mumbai-based Reliance Industries will subscribe to fresh equity capital at par to be issued by Infotel, which will become a subsidiary of the company, Reliance said.

Infotel on...
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