Sources close to the company said RCOM will retain 49% stake in the tower business, a complete exit will considered in future. It would also get “49% future economic upside” from the tower business, based on certain conditions, the company, controlled by billionaire Anil Ambani, said in a statement. The stake sale in the tower business will immediately reduce this debt by Rs 11000 crore. “We have 49% stake with us in the tower business, which we will sell at a later stage. Anil Ambani-led Reliance Group has for long been in the lookout to sell their tower business.

Source: Hindustan Times October 14, 2016 09:22 UTC