December 21, 2016 / 7:38 AM / a year ago

India's Reliance Comm signs binding pact with Brookfield for $1.6 billion tower stake sale

MUMBAI (Reuters) - Indian telecommunications carrier Reliance Communications Ltd (RLCM.NS) said on Wednesday 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 110 billion rupees (1.29 billion pounds), which it has said will use to cut its debt load.

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

    Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu

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