In a move that has made waves in the telecom sector, $44.6-billion Reliance Industries Ltd (RIL) on Friday re-entered the telecom space after signing an agreement to buy a 95% stake in Infotel Broadband Services for a value of Rs 4,800 crore.
Infotel is the only bidder to win 20 MHz of pan-India spectrum at a cost of Rs 12,847.77 crore in the Broadband Wireless Access (BWA) auctions that concluded on Friday. Infotel belongs to Anant Nahatta, son of HFCL owner Mahendra Nahatta.
This brings fresh, tough and potentially unsettling competition for the big boys of telecom with expectations that RIL's chairman and managing director Mukesh Ambani has his sights firmly on the voice market, which still accounts for over 92% of telecom revenues.
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