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from BUSINESS LINE, June 07, 2010 Mumbai, June 6 - Reliance Communication said on Sunday that its board of directors has granted in-principle approval to the sale of 26-per cent stake in the company to strategic or private equity investors.
However, the company has not named any buyer or given a timeframe for the proposed sale.
RCom's decision follows reports that the UAE-based telecom company, Etisalat, is interested in buying a stake in the Anil Ambani- controlled company.
In a statement, RCom said its board "has approved in-principle the induction of strategic/private equity investors up to 26 per cent stake in the company for an appropriate premium to …