New Delhi, Dec 4 (IANS): Industrialist Anil Ambani-led Reliance Communications on Friday announced the signing of a non-binding agreement with Tillman Global Holdings and TPG Asia to sell its nationwide tower assets and related infrastructure.

Under the agreement, the specified assets are intended to be transferred from Reliance Infratel on a going concern basis into a separate special purpose vehicle, to be owned 100 percent by Tillman and TPG, the statement said.

"RCOM will continue as an anchor tenant on the tower assets, under a long term MSA (Master Service Agreement), for its integrated telecommunications business. RCOM intends to utilise the proceeds of the proposed transaction only to reduce its debt," it said.

Tillman and TPG will also evaluate purchase of RCOM's extensive nationwide inter-city and intra-city optic fibre assets, in a separate and independent transaction.

"The parties have entered into an exclusivity agreement valid till January 15, 2016. The proposed transaction is subject to final due diligence, definitive documentation, applicable regulatory and other approvals and certain other terms and conditions," the statement said.

"Accordingly, there can be no certainty that a transaction will result. Further announcements will be made at an appropriate stage," it added.