Reliance Communications, Anil Ambani's flagship company, has sold its mobile mast arm in one of the biggest mergers seen in India.
Under the deal, which marks the Indian billionaire's emergence from a family feud with his elder brother Mukesh, the mast business, Reliance Infratel, will be merged into India's largest independent mobile tower operator, GTL Infrastructure.
Reliance and GTL “today in principle approved a Rs500bn ($11bn) deal to create the world's largest independent telecommunications infrastructure company”, Reliance Communications said yesterday.
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