Reliance Jio tower assets sold to Canada's Brookfield for Rs 25,000 crore
Reliance
Industrial Investments and Holdings (RIIHL), a wholly-owned
subsidiary of Mukesh
Ambani-led
Reliance Industries (RIL), has entered into binding agreements with
Canada’s Brookfield Infrastructure Partners LP and its
institutional partners for an investment of Rs 25,215 crore in the
telecom tower assets of the RIL.
In
a notification to the stock exchanges, RIL noted that Brookfield and
its partners would invest Rs 25,215 crore in the units to be issued
by the Tower Infrastructure Trust. 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. Brookfield will buy 100 per
cent units issued by the Trust, which, in turn, owns 100 per cent
equity of Reliance Jio Infratel, the operating company for Jio’s
tower assets.
Reliance
Jio lnfratel has a portfolio of about 130,000 telecom towers that
form the backbone of Reliance Jio Infocomm’s network. There are
plans to build additional towers and the total number of towers is
expected to reach approximately 175,000 towers. Jio is an anchor
tenant of the tower portfolio under a 30-year Master Services
Agreement.
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