October 14, 2016 / 6:51 AM / a year ago

India's Reliance Comms in pact with Brookfield to sell tower assets

MUMBAI, Oct 14 (Reuters) - Reliance Communications Ltd , India’s fourth-biggest cellular carrier by customer base, said on Friday it signed a non-binding term sheet with Brookfield Infrastructure Group to sell its tower assets in a deal that could fetch it an upfront 110 billion rupees ($1.65 billion).

It would also get “49 percent future economic upside” from the tower business, based on certain conditions, the company, controlled by billionaire Anil Ambani, said in a statement. It did not divulge much details.

Reliance Communications will continue as an anchor tenant on the tower business, the statement said.

$1 = 66.5919 Indian rupees Reporting by Devidutta Tripathy; Editing by Sherry Jacob-Phillips

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