The Competition Commission of India (CCI) has granted approval to the proposed sale of tower division of Reliance Infratel to Brookfield Infrastructure Group.

The CCI has approved the proposed transaction involving the sale of the tower division of Reliance Infratel, a subsidiary of Reliance Communications (RCOM), which is to be carried out pursuant to a demerger of the tower division to Towercom Infrastructure (Towerco), RCOM said.

Upon the completion of the demerger, through a scheme of arrangement, and the completion of certain other conditions and approvals, Rapid Holdings 2, a company which is a part of the Brookfield Infrastructure Group will acquire 100% of Towercom Infrastructure, the company said.

The company has already filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the scheme of arrangement. Post closing, the company will receive ‘B’ Class non-voting shares in Towerco providing 49% future economic upside from the business based on certain conditions, Reliance Communications  added.