India's RCom to sell tower arm majority stake to Brookfield for $1.7 bln: Reuters
India's Reliance Communications Ltd is selling a 51 percent stake in its tower assets to Canada's Brookfield Infrastructure Group for US$1.65 billion, in a deal that will help cut the phone carrier's huge debt, Reuters reported. The company will use the proceeds of the deal with Brookfield "solely" to repay debt, it said. Controlled by billionaire Anil Ambani, Reliance Communications is the most leveraged among listed Indian phone carriers with its US$6.3 billion net debt being more than five times its operating profit.
14 October 2016•2 mins read
