Reliance Infratel gets shareholders’ approval for demerger of its tower division

Reliance Infratel Limited, a subsidiary of Reliance Communications (RCOM), has received shareholder approval for the demerger of its tower division into Towercom Infrastructure Private Limited (TIPL). According to RCOM, shareholder approval came in with a 98 per cent majority. Upon completion of the demerger, Rapid Holdings 2 Pte Limited, a Brookfield Infrastructure Group company, will acquire TIPL through a merger scheme. The company’s telecom towers demerged into TIPL will be 100 per cent owned and independently managed by Brookfield Infrastructure Limited. Meanwhile, TIPL’s shareholders have approved the scheme. In addition, Reliance Infratel has already received approval from the Competition Commission of India (CCI) for the proposed arrangement scheme.