RCom raises $1.6bn in tower sale
Reliance Communications signs binding deal to sell 51% tower stake to Canadian infrastructure group Brookfield
India’s Reliance Communications has signed a binding agreement to sell a 51% stake in its tower company for $1.6 billion, about a quarter of the group’s total debt.
Brookfield Infrastructure, a Canadian investment group, will buy the stake in Reliance Infratel. The deal means Reliance Communications (RCom) still has to find another $3 billion or so to meet owner Anil Ambani’s target to reduce total debt by three-quarters by September 2017: that is likely to be achieved by RCom’s planned merger of its Indian mobile business with Aircel.