RCOM likely to sell majority stake in Reliance Infratel to Brookfield Asset Management

Reliance Communications (RCOM) is in talks with Brookfield Asset Management for selling a majority stake in its tower company Reliance Infratel. The companies are currently in bilateral negotiations after signing a non-binding agreement in July 2016. The due diligence exercise is likely to be concluded by end-September 2016. At present, RCOM holds a 96 per cent stake in Reliance Infratel and the rest is held by institutional investors including George Soros’ Quantum, New Silk Root Partners, Galleon, HSBC Daisy Investment (Mauritius), Drawbridge Towers and Investment Partners.