Breaking News- Reliance Communications (RCom) today signed binding agreements with Canada-based Brookfield Infrastructure and institutional partners to sell its tower business for an upfront cash payment of Rs 11,000 crore.
RCom will "also receive B Class non-voting shares in the tower company, providing 49 per cent future economic upside from the business based on certain conditions", the company said in a statement.
RCom will utilise the cash proceeds solely to reduce debt, it said.
The tower business will be demerged into a separate company, to be 100 per cent owned and independently managed by Brookfield Infrastructure. The deal represents the largest-ever investment by an overseas financial investor in the infrastructure sector in India.(Read More)
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