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BW Businessworld

RComm Says In Talks With Parties Over Sale Of Tower Business

The deal with Brookfield Infrastructure Group for tower transaction was condition precedent based on the demerger of wireless division of the company with Aircel, which was called off by the company and Aircel on mutual consent on October 1, 2017

Photo Credit : Reuters

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Debt-laden Reliance Communications on Tuesday said it is renegotiating the tower business deal with all interested parties, including Brookfield Infrastructure Group.

In December last year, Reliance Communications had inked binding agreements to sell 51 per cent stake in its tower business to Canada-based Brookfield Infrastructure and its institutional partners for Rs 11,000 crore but the deal fell through after the company called off its merger with Aircel.

"The deal with Brookfield Infrastructure Group for tower transaction was condition precedent based on the demerger of wireless division of the company with Aircel, which was called off by the company and Aircel on mutual consent on October 1, 2017," Reliance Communications said in a BSE filing.

It further said: "In view of above, the company is renegotiating the tower transactions with all the interested parties including Brookfield Infrastructure Group".

Shares of Reliance Communications were trading 0.95 per cent higher at Rs 16 on BSE.

(Reuters)


Tags assigned to this article:
telecom rcomm Brookfield Infrastructure anil ambani