Reliance Communications (RCom) saw declines in both profit and revenue for its fiscal Q3, following the expiry of 2G licences in a handful of markets.

In a statement, the company said it has successfully migrated profitable customers in these regions, and achieved a significant improvement in network coverage and quality through roaming agreements with Vodafone India and Aircel.

The company reported a profit of INR1.71 billion ($25.2 million), down 15.1 per cent year-on-year, on revenue of INR52.98 billion.

RCom noted a number of developments it has seen in recent months, including a spectrum sharing and trading partnership with Reliance Jio Infocomm, and ongoing merger talks with the owners of Aircel.

It also signed a non-binding term sheet with Tillman Global and TPG for the sale of its tower business and related infrastructure, with the plan to use the proceeds to reduce debt.