Anil Ambani-owned Reliance Communications (RCom) has signed a non-binding agreement with Canada-based Brookfield Infrastructure Group to sell a majority stake in its telecom towers and related infrastructure..

The cost of the transaction is expected to reach INR110 billion (US$1.64 billion), which will be used to cover the company debts. Further details on the agreement have not been released from either company.

In December 2015 we reported that Reliance also signed a non-binding pact with private equity firms TPG Asia and Tillman Global Holdings to sell its telecom business that counts with 45,000 tower assets.

Later on, in mid March 2016, Tillman Global Holding was looking for other partners for the transaction, as the initially discussed INR 215-billion price for the transaction was sharply lowered.