May 2 (Reuters) - Reliance Communications Ltd RLCM.NS
* Reliance Infratel gets its shareholders' approval with 98% majority for demerger of tower business to Brookfield Infrastructure Group
* Says RCom to receive upfront cash payment of INR 110 billion (US$ 1.7 billion)
* Combination of RCom's wireless business with Aircel and monetisation of towers business to together cut co's debt by nearly 70%
* Says RCom to also get 'B' class non voting shares in towerco providing 49% future economic upside from the business
* Says co's telecom towers demerged into TIPL will be 100% owned and independently managed by Brookfield Infrastructure
* RCom and Reliance Jio to continue as long term tenants of the TIPL along with other existing third party telecom operators. Source text for Eikon: ID:nBSEc09mL9 Further company coverage: RLCM.NS