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By Julien Toyer, Sophie Sassard and Danilo Masoni MADRID/LONDON/MILAN (Reuters) – Spains Telefonica is set to agree on an overhaul of Telecom Italia finances, including a likely cash injection of up to 2 billion euros, as it tightens its grip on the group and eyes a sale of its Brazilian unit TIM in 2014, multiple sources familiar with the strategy said. Telecom Italias board, controlled by Telco, an investment vehicle that Telefonica has agreed to progressively take over, is due to meet on Thursday to review cost-cutting, debt-reduction and growth strategies. Apart from a possible capital increase of up to 2 billion euros ($2.7 billion), other options under consideration include sales of assets such as the groups mobile towers in Italy or its Argentinian unit, and a dividend cut, the sources said. Telefonica declined to comment, and Telecom Italia did not respond to a request for comment.