/ RCom Signs Pact With Brookfield Infra For Sale Of Tower Business, Stock Up 9% ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 21 December 2016

Reliance Communications Ltd. (RCOM) announced the signing of binding agreements with Brookfield Infrastructure in relation to the acquisition of RCOM’s nationwide tower assets by affiliates of Brookfield Infrastructure Partners LP and its institutional partners.

RCOM will receive an upfront cash payment of Rs 11,000 crore (US$ 1.6 billion) on completion of the transaction. 

RCOM will also receive Class B non-voting shares in the new Tower company, providing 49% future economic upside in the Towers business, based on certain conditions. RCOM expects significant future value creation from the B Class shares, based on growth in tenancies arising from increasing 4G rollout by all telecom operators and fast accelerating data consumption.

The transaction will represent the largest ever investment by any overseas financial investor in the infrastructure sector in India, and is a strong reflection of the confidence of the international investment community in the long term growth potential of the Indian economy.

RCOM’s telecom towers will be demerged into a separate new Company that will be 100% owned and independently managed by Brookfield Infrastructure, thereby creating the second largest independent and operator-neutral Towers company in India.

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