The Competition Commission of India (CCI) has approved the proposed transaction involving the sale of the Tower Division of Reliance Infratel, a subsidiary of Reliance Communications, which is to be carried out pursuant to a demerger of the Tower Division to Towercom Infrastructure (Towerco). Upon the completion of the demerger, though a Scheme of Arrangement, and the completion of certain other conditions and approvals, Rapid Holdings 2, a company which is a part of the Brookfield Infrastructure Group will acquire 100% of Towercom Infrastructure. The Company has already filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said Scheme of Arrangement. Post closing, the Company will receive ‘B’ Class Non-voting shares in Towerco providing 49% future economic upside from the business based on certain conditions.
Reliance Communications is India's foremost and truly integrated telecommunications service provider. The Company has a customer base of nearly 95 million including over 2.6 million individual overseas retail customers. Reliance Communications corporate clientele includes over 39,000 Indian and multinational corporations including small and medium enterprises and over 290 global, regional and domestic carriers.