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In line with its lighter asset strategy and the need to reduce its Rs 42,000 crore of debt, Reliance Communications (RCom) has sold its tower business to Brookfield Infrastructure for $1.6 billion or Rs 11,000 crore. In addition to the upfront cash, the company will get a 49 per cent non-voting share in the tower company.
It will look at selling the rest of its economic interest in the venture at a later date. The valuations, given an enterprise value of Rs 21,500 crore for about 43,000 towers, pegs the deal at Rs 49.7 lakh per tower. This is in line with recent deals such as the ...
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