June 27 (Reuters) – Reliance Communications (RLCM.BO), India’s No. 2 cellphone carrier, said on Sunday its unit Reliance Infratel Ltd has agreed to a $11 billion deal to sell its telecom tower assets to independent telecom tower company GTL Infrastructure Ltd (GTLI.BO).
Debt-laden Reliance Communications, controlled by billionaire Anil Ambani, earlier this month announced a plan to create an independent tower unit.
It had previously planned to spin-off its 95 percent-owned telecoms infrastructure arm, Reliance Infratel, through an initial public offering. (Reporting by Aniruddha Basu and Rajesh Kurup; Editing by Miral Fahmy)