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Reliance Communications will receive upfront cash payment of Rs 11,000 crore.
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Reliance Communications will receive upfront cash payment of Rs 11,000 crore and also “enjoy 49 per cent future economic upside from the business, based on certain conditions,” the company said in a statement.
Under the deal, the specified tower assets will be transferred from Reliance Infratel into a separate special purpose vehicle, which will be owned by Brookfield. Reliance Communications will continue as an anchor tenant on the tower assets.
Reliance Communications will utilise the proceeds from sale of tower business to reduce its debt.
Reliance Communications further said that the “proposed transaction is subject to definitive documentation, customary approvals and certain other terms and conditions. Accordingly, there can be no certainty that a transaction will result.”
As of 12:15 p.m., Reliance Communications traded 2.14 per cent higher at Rs 47.70, outperforming the Sensex which was trading on a flat note.
Story first published on: October 14, 2016 12:20 (IST)
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