Reliance Communications signs binding pact with Brookfield for $1.6 billion tower stake sale | Reuters

 Reliance Communications signs binding pact with Brookfield for <img class=

MUMBAI Indian telecommunications carrier Reliance Communications Ltd said on Wednesday it had signed a binding pact with Canada's Brookfield Infrastructure for selling a stake in its mobile phone tower business.The two sides had signed a non-binding pact in October.Under the terms of the deal, Reliance Communications is to receive an upfront payment of 110 billion rupees ($1.6 billion), which it has said will use to cut its debt load.

Shares of Reliance Communications jumped more than 8 percent after the announcement.

($1 = 67.8525 Indian rupees)

(Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu)

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Updated Date: Dec 21, 2016 14:24:19 IST