Reliance Communications (RCOM) has received the approval from the Competition Commission of India (CCI) for selling the telecom tower division of Reliance Infratel.
Reliance Communications aims to spin off the telecom tower division to Towercom Infrastructure.
Reliance Communications will sell Towercom Infrastructure to Rapid Holdings 2, a part of Brookfield Infrastructure Group.
The company has already filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the scheme of arrangement.
Post closing, the company will receive ‘B’ Class Non-voting shares in Towerco providing 49 percent future economic upside from the business based on certain conditions.
