RCom shareholders approve demerger of tower business
RCom, in a BSE filing said, “The shareholders of Reliance Infratel Limited (RITL) – a subsidiary of Reliance Communication at their meeting held on April 29, 2017, have approved with 98% majority the scheme of arrangement for demerger of the tower division of the RITL into Towercom Infrastructure Private Limited (TIPL).”
RCom will receive upfront cash payment of Rs 11,000 crore ($1.7 billion) on demerger of tower business. Photo: Pixabay