Reliance plans IPO for Infrastructure arm. Hopes to raise $1Bn for 10% via IPO.

India’s second largest Mobile Operator, Reliance Communication plans to seek regulatory approval for selling 10% of Reliance Infratel (its infrastructure arm) for close to $1Bn.

Reliance Infratel sold a 5 percent stake to  global investors for about $290 million in 2007. It  had revenue of more than $1 Bn and a profit of $300 Mn in the year ended March 31, according to  Billionaire Chairman Anil Ambani.

The share sale will  help fund an expansion of the nationwide network of 48,000 towers at Reliance Infratel as demand for leasing networks is likely to double in the next couple of years according to Ambani.