RIL subsidiary in Rs 25,215 cr deal with Brookfield for tower assets

Mumbai, Dec 16 (SocialNews.XYZ) Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of Reliance Industries Limited (RIL) has entered into an agreement under which it will receive Rs 25,215 crore investment by Canadian entity, Brookfield Infrastructure and its institutional partners in its tower infrastructure trust.

RIL said in a regulatory filing that at the closing of the transaction, the trust will own 100 per cent of the issued and paid up equity share capital of Reliance Jio lnfratel Private Limited (RJIPL).

The filing said that the total value of assets, including committed roll out is Rs 55,400 crore.

RJIPL has a current portfolio of approximately 1.30 lakh communication towers that forms the infrastructure backbone of Reliance Jio Infocomm Limited's telecommunication network, with plans to build additional towers and the total number of towers is expected to reach approximately 1.75 lakh towers. Jio is an anchor tenant of the tower portfolio under a 30-year master services agreement.

"We are pleased to enter into this long and strategic relationship with Brookfield, which is one of the largest and most respected managers of infrastructure assets globally. We are confident of Brookfield's abilities to manage this large portfolio of high-quality infrastructure assets and further enhancing value creation opportunities. This transaction demonstrates the belief of global investors in the potential of India's digital opportunity", said Mukesh Ambani, Chairman and Managing Director of RIL.

Source: IANS