Reliance Communication incorporates new infrastructure company

NEW DELHI: Reliance Communications (RCom) has incorporated a new unit, Towercom Infrastructure Private Ltd. (TIPL), which will be an infrastructure company, indicating progress in the talks to sell controlling stake in its telecom tower subsidiary to Canada’s Brookfield.

“We would like to inform that the Company has incorporated a new subsidiary named “Towercom Infrastructure Private Limited” on November 17, 2016, having registered office in Mumbai, the company said in a notification to stock exchanges Thursday. “TIPL will be an Infrastructure company, which is yet to commence its business operations.”

The subsidiary has been formed with a subscribed and paid up capital of Rs 1,00,000, the statement said. The move comes less than a month after RCom said it has signed a non-binding pact with Canada's Brookfield to sell a majority stake in the Anil Ambani company's tower unit for Rs 11,000 crore.