Reliance Industries, Reliance Comm Strike $2.1 Billion Telecom Towers Pact

NEW DELHI (TIP): Reliance Industries Ltd’s telecommunications unit will lease up to 45,000 mobile towers from Reliance Communications Ltd in a deal valued at more than Rs 120 billion ($2.1 billion) over the lifetime of the contract, the Indian companies said on June 7. Reliance Jio Infocomm, a unit of Reliance Industries, is rolling out a nationwide 4G network.

The company won airwaves in 2010, but is yet to start commercial services. Mukesh Ambani controls Reliance Industries, while Reliance Communications is controlled by his younger brother Anil Ambani.

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