Reliance Comm, GTL Infra sign $11 bln telecom tower deal

Reliance Communications, India's No 2 cellphone carrier, said today that its unit Reliance Infratel Ltd has agreed to a $11 billion deal to sell its telecom tower assets to independent telecom tower company GTL Infrastructure Ltd.

Reliance Communications, India's No 2 cellphone carrier, said on Sunday that its unit Reliance Infratel Ltd has agreed to a $11 billion deal to sell its telecom tower assets to independent telecom tower company GTL Infrastructure Ltd.

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Debt-laden Reliance Communications, controlled by billionaire Anil Ambani, earlier this month announced a plan to create an independent tower unit.

It had previously planned to spin-off its 95 percent-owned telecoms infrastructure arm, Reliance Infratel, through an initial public offering.