India’s second largest mobile operator, Reliance Communications, said on Sunday that it has entered into an agreement to sell its cellular towers business to GTL Infrastructure, a large Indian company specialized in providing shared tower and other infrastructure services to mobile operators.

The terms of the cash and share deal were not disclosed, although Reliance said the deal was worth more than US$11 billion in a filing to the Bombay Stock Exchange. After the merger, the towers of Reliance’s Reliance Infratel unit will be merged with those of GTL, though Reliance will continue to own its fibre optic network. Source

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