Mumbai: Telecommunications carrier Reliance Communications which is part of Anil Ambani's Reliance group 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 Rs. 11,000 crore, which it has said will use to cut its debt load.
Shares of Reliance Communications jumped more than 8 percent after the announcement.