Reliance Communications (RCom), an Anil Ambani Group company, said on Friday it has signed a non-binding agreement with Tillman Global Holdings, LLC and TPG Asia, to sell its tower assets and related infrastructure.
RCom added that it will utilise the proceeds of the transaction to reduce its debt, which stood at Rs 39,894.90 crore as on 30 September, 2015.
Tillman and TPG will also evaluate purchase of RCOM's nationwide inter-city and intra-city optic fibre assets, in a separate and independent transaction.
The two sides have entered into an exclusivity agreement that is valid till 15 January, 2016, the RCom said in its regulatory filing to the BSE.
RCOM intends to utilize the proceeds of the proposed transaction only to reduce its debt.
The company has 43,379 towers located in 22 Indian cities in 220 circles, supported by an OFC network of 1,90,000 km and had 19.1 million active 3G subscribers as on 30 September, 2015.
The company earned revenues of $717 million for the quarter ended 30 September, 2015, down from $730 million in the first quarter ended 30 June.
The proposed transaction will be subject to final due diligence, definitive documentation, applicable regulatory and other approvals and other terms and conditions, RCom said in its statement.
The RCom stock closed at Rs 81.05 on the BSE on Monday, down 3.11% from its previous close.
