Pursuits
Anil Ambani Starts Talks With TPG, Tillman to Sell Towers
- Tillman, TPG will consider buying optic fiber assets too
- Reliance Communications to use proceeds to pare debt
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Anil Ambani-controlled Reliance Communications Ltd. said it has signed a non-binding pact to sell its cellular towers across India to private equity firms Tillman Global Holdings LLC and TPG Asia Inc. in a bid to pare its debt.
The wireless operator, which has 43,379 towers across India, will transfer these assets from its subsidiary Reliance Infratel Ltd. into a separate special unit that will be fully owned by the two private equity firms, according to an exchange filing. TPG and Tillman have time until Jan. 15 to ratify the deal, Reliance Communications said without disclosing a value.