December 21, 2016 / 7:30 AM / 8 months ago

India's Reliance Comm signs binding pact with Brookfield for $1.6 bln tower stake sale

MUMBAI, Dec 21 (Reuters) - 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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