/ Reliance Infra's Tower Unit Sale Approved By CCI ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 23 March 2017

The proposed sale of the tower division of Reliance Communications’ subsidiary, Reliance Infratel, to Canada-based Brookfield Infrastructure Group, has been approved by the Competition Commission of India.

Reliance Communications informed the Exchange that CCI has given a nod to the sale of the tower division of Reliance Infratel, which is to be carried out pursuant to a demerger of the tower division to Towercom Infrastructure Pvt. Ltd., (Towerco).

Rapid Holdings 2 Pte. Ltd., will acquire 100% of Towercom Infrastructure, upon the completion of the demerger and certain other conditions and approvals. For further approval of the scheme, RCom has already filed an application with NCLT (National Company Law Tribunal). The company to reduce its debts will use the entire sale proceeds.

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