Reliance Communications on Wednesday signed binding pact with Brookfield Infrastructure and its institutional partners for sale of its tower business.
RCom will receive upfront cash payment of Rs 11,000 crore (USD 1.6 billion), to utilise proceeds solely to reduce debt.
RCom's tower business will be demerged into separate company, which will be 100% 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.
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