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RCom Forms New Tower Infrastructure Company Towercom

RCom Forms New Tower Infrastructure Company Towercom Image Credit: RCom

The fourth largest mobile operator in India, Reliance Communications(RCom) has created a new mobile tower subsidiary, Towercom Infrastructure.

The new subsidiary has been formed with a subscribed and paid up capital of Rs 1,00,000, the company said in a statement to stock exchanges.

The move follows the telco’s divestment of 51% stake in Reliance Infratel to Canada-based Brookfield Infrastructure Group for an upfront cash payment of Rs 11,000 crore.

RCom has signed a non-binding term sheet with Brookfield Infrastructure Group for the proposed sale of tower assets and the specified assets are intended to be transferred from Reliance Infratel on a going concern basis into a separate SPV, to be owned by Brookfield.

On a separate news, Reliance group, this week launched a new Internet of Things (IoT) business unit, UNLIMIT to serve enterprise customers in India. 

Reliance Group has become the first telecommunications services provider in India to set up a dedicated and integrated IoT business unit that will be led by Juergen Hase as the chief executive. The company is among India's top private sector business houses serving over 250 million customers across telecommunications, power, financial services, infrastructure, media and entertainment, and healthcare sectors.

Author

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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