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India's RCom renegotiating tower deal with Brookfield


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India's RCom renegotiating tower deal with Brookfield

Reliance Communications Ltd., or RCom, withdrew plans to demerge its tower business, sources told CNBC-TV18.

The Indian telecom operator, which last year agreed to sell a 51% stake in its tower business to Canada's Brookfield Infrastructure Group for 110 billion rupees, is reportedly renegotiating to sell its 100% stake in the tower business.

Proceeds from the sale will be used to reduce its debt, one of the reasons why its merger with Aircel Ltd. was heavily opposed by creditors.

The move comes a few days after RCom and Aircel aborted their proposed merger. RCom and Brookfield reportedly are now revising their agreement terms, given that the deal's earlier value was based on the future growth promise of the Aircel-RCom merger.