India's Ambanis strike $2.6b telecoms tower pact

NEW DELHI (REUTERS) - Reliance Industries's telecommunications unit will lease up to 45,000 mobile masts from Reliance Communications in a deal valued at more than 120 billion rupees (S$2.6 billion) over the lifetime of the contract, the Indian companies said on Friday.

Reliance Jio Infocomm, a unit of Reliance Industries, is rolling out a nationwide 4G network. The company won airwaves in 2010, but is yet to start commercial services.

Mr Mukesh Ambani, India's richest man, controls Reliance Industries, while Reliance Communications is controlled by his billionaire younger brother Anil Ambani.