Lenders of GTL Infrastructure Ltd. (BSE:532775) have approved the company's proposal to convert loans to shares, thereby taking majority in the company and selling it to a strategic investor, officials said As per the plan the company will further reduce debt by INR 3 billion by selling non-core assets such as properties or customer settlements and through cash flow INR 3 billion more in two years, said a person involved. The company must find a buyer within 18 months for the telecom towers, the person added. GTL Infrastructure had two potential buyers bidding for it between INR 8-10 per share.