Reliance Communications is advanced stages to complete the sale of its tower arm to private equity investor Brookfield Asset Management. The deal is likely to be completed this week, reports CNBC-TV18's Kritika Saxena.
Reliance Communications is advanced stages to complete the sale of its tower arm to private equity investor Brookfield Asset Management. The deal is likely to be completed this week, reports CNBC-TV18's Kritika Saxena.
Brookfield Asset Management is looking to acquire a controlling stake in the tower asset, according to people privy to the talks between the two companies. The deal for 44,000 towers, which has been pending for about six years, is valued at Rs 19,000-21,000 crore.
The transaction will help Reliance Communications bring down its debt. Both the companies have completed the due diligence and are in the last lap of closing the deal and signing the term sheet, according to the people.
It is not yet confirmed if Brookfield is targeting a 100 percent stake, but sources say that Reliance Communication may keep 2-3 percent stake to lease the towers at a later date.
Reliance Communication and Brookfield declined to comment for this story.
