Reliance Communications says renegotiating tower business sale
New Delhi: Debt-laden Reliance Communications Ltd (RCom) on Tuesday said it is renegotiating the tower business deal with all interested parties, including Brookfield Infrastructure Group.
In December last year, RCom had inked binding agreements to sell 51% stake in its tower business to Canada-based Brookfield Infrastructure and its institutional partners for Rs11,000 crore, but the deal fell through after the company called off its merger with Aircel.
“The deal with Brookfield Infrastructure Group for tower transaction was condition precedent based on the demerger of wireless division of the company with Aircel, which was called off by the company and Aircel on mutual consent on 1 October, 2017,” RCom said in a BSE filing.
It further said, “In view of above, the company is renegotiating the tower transactions with all the interested parties including Brookfield Infrastructure Group”.
At 11.12am, shares of RCom were trading 0.63% higher at Rs15.95 on BSE, while the Sensex fell 0.20% to 33,622 points.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
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