For acquisition of RCom's tower assets by BrookfieldReliance Communications announced the signing of a non-binding Term Sheet with Brookfield Infrastructure Group (Brookfield) in relation to the proposed acquisition of RCOM's nationwide tower assets and related infrastructure by Brookfield.
Under the Term Sheet, the specified assets are intended to be transferred from Reliance Infratel (RITL) on a going concern basis into a separate SPV, to be owned by Brookfield. RCOM will continue as an anchor tenant on the tower assets, under a long term MSA, for its integrated telecommunications business.
RCOM will receive an upfront cash payment of Rs. 11,000 crore from the proposed transaction. RCOM will also enjoy 49% future economic upside from the towers business, based on certain conditions.
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