RCom in pact with Brookfield to sell tower assets

Reliance Communications Ltd , India's fourth-biggest cellular carrier by customer base, said on Friday it signed a non-binding term sheet with Brookfield Infrastructure Group to sell its tower assets in a deal that could fetch it an upfront Rs 11,000 crore rupees ($1.65 billion).

It would also get "49 percent future economic upside" from the tower business, based on certain conditions, the company, controlled by billionaire Anil Ambani, said in a statement. It did not divulge much details.

Reliance Communications will continue as an anchor tenant on the tower business, the statement said.