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BRIEF-Reliance Communications says unit Reliance Infratel gets shareholders' approval for tower business demerger
May 2, 2017 / 5:37 AM / 6 months ago

BRIEF-Reliance Communications says unit Reliance Infratel gets shareholders' approval for tower business demerger

May 2 (Reuters) - Reliance Communications Ltd

* Reliance Infratel gets its shareholders’ approval with 98% majority for demerger of tower business to Brookfield Infrastructure Group

* Says RCom to receive upfront cash payment of INR 110 billion (US$ 1.7 billion)

* Combination of RCom’s wireless business with Aircel and monetisation of towers business to together cut co’s debt by nearly 70%

* Says RCom to also get ‘B’ class non voting shares in towerco providing 49% future economic upside from the business

* Says co’s telecom towers demerged into TIPL will be 100% owned and independently managed by Brookfield Infrastructure

* RCom and Reliance Jio to continue as long term tenants of the TIPL along with other existing third party telecom operators. Source text for Eikon: Further company coverage:

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