Mumbai, Mar 23 (IANS): The Competition Commission of India (CCI) has approved the proposed sale of the tower division of Reliance Infratel Limited to Brookfield Infrastructure Group, a company statement said here on Thursday.

"The Competition Commission of India has approved the proposed transaction involving the sale of the Tower Division of Reliance Infratel Limited, a subsidiary of Reliance Communications Ltd., which is to be carried out pursuant to a demerger of the tower division to Towercom Infrastructure Private Limited (Towerco)," the statement said.

"Upon the completion of the demerger, though a Scheme of Arrangement, and the completion of certain other conditions and approvals, Rapid Holdings 2 Pte. Ltd., a company which is a part of the Brookfield Infrastructure Group, will acquire 100 per cent of Towercom Infrastructure Private Limited," the statement said.

The company has already filed an application with the National Company Law Tribunal, Mumbai Bench, for approval of the said scheme of arrangement.

"Post closing, the company will receive ‘B' Class non-voting shares in Towerco providing 49 per cent future economic upside from the business based on certain conditions," the statement added.