Ahead of its proposed IPO to raise an estimated Rs 5,000 crore, Anil Ambani-led Reliance Infratel has said that 61 of its group entities have posted losses of more than Rs 1,325 crore in fiscal 2008-09.
Reliance Infratel, operating in the telecom tower and other infrastructure related businesses, has revived its IPO plans after its previous attempt fell prey to market slowdown last year.
Among the 61 group companies, which have posted losses, FLAG Telecom Ireland Network posted the maximum losses of Rs 242.71 crore, followed by Vanco ROW at Rs 179.29 crore.
The other major losers among the group companies include Reliance Telecom Limited with a loss of Rs 174.29 crore, Reliance Big TV (Rs 84.24 crore), Reliance Wimax World BVI (Rs 54.65 crore) and Reliance Wimax World BV (Rs 39.08 crore).
Besides, one of its promoters Reliance Communications Infrastructure Ltd (RCIL) incurred losses in 2006-07, but made profit in the subsequent two fiscal, the company has disclosed in the draft IPO prospectus filed with market regulator SEBI.
RCIL, reported a loss of Rs 506.93 crore in fiscal 2007, but in the following financial year the company returned to profitability and reported a profit after tax of Rs 621.26 crore.