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Reliance Communications Signs Binding Pact With Brookfield For Rs 11,000 Crore Tower Stake Sale

Reliance Communications said on Wednesday it had signed a binding pact with Canada's Brookfield Infrastructure for selling a stake in its mobile phone tower business

Photo Credit : Reuters

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Indian telecommunications carrier Reliance Communications Ltd said on Wednesday (21 December) it had signed a binding pact with Canada's Brookfield Infrastructure for selling a stake in its mobile phone tower business.

The two sides had signed a non-binding pact in October.

Under the terms of the deal, Reliance Communications is to receive an upfront payment of Rs 11,000 crore ($1.6 billion), which it has said will use to cut its debt load.

Shares of Reliance Communications jumped more than 8 per cent after the announcement.

(Reuters)