RCom, which has 43,379 towers across India, intends to use the proceeds to cut net debt by 75 percent -- from Rs 39,894 crore to under Rs 10,000 crore.
The company is looking at realising Rs 22,000 crore from sale of towers, which will be transferred from its subsidiary Reliance Infratel Ltd into a separate special unit that will be fully owned by the two private equity firms, and another Rs 8,000 crore from sale of inter-city and intra-city optic fiber infrastructure.
TPG and Tillman have time until January 15 to finalise the deal, India's fourth-largest telecom operator said in a statement yesterday.

The deal will be subject to final due diligence and regulatory approvals.
In the statement, RCom said it has signed 'a non-binding term sheet with Tillman Global Holdings, LLC and TPG Asia, Inc in relation to the proposed acquisition of RCom's nationwide tower assets and related infrastructure by Tillman and TPG.'
Under the Term Sheet, the assets will be transferred from Reliance Infratel Ltd (RITL) on a going concern basis into a separate SPV, to be owned 100 percent by Tillman and TPG.


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