The all-cash deal represents the largest-ever investment by an overseas financial investor in the infrastructure sector in India.
RCom, whose debt stood at over Rs 42,000 crore as on September 2016, will utilise the sale proceeds entirely to reduce debt.
RCom expects that the combination of its wireless business with Aircel, and monetisation of tower operations will together reduce the company's debt by Rs 31,000 crore (USD 4.6 billion).
In a statement today, RCom said that the tower business will be demerged into a separate company, to be owned and independently managed by Brookfield Infrastructure.
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RCom will "also receive B Class non-voting shares in the tower company, providing 49 per cent future economic upside from the business based on certain conditions", it added.
RCom, and Reliance Jio (Mukesh Ambani's 4G telecom venture) will continue as major long-term tenants of the tower company.
Last week, a Bernstein report said large Indian telecom firms may offload their tower assets in 2017.
"2017 may very well shape up to be the year where the largest Indian telcos all sell down their tower assets. We believe the likelihood of Airtel, Idea and Vodafone all selling (or at least selling down) their holding is high," it said.
In October this year, telecom major Bharti Airtel had said it will explore stake sale in its Indian mobile tower arm Bharti Infratel, where its holds 72 per cent stake.