Mumbai, December 16: Reliance Industries Ltd (RIL) said on Monday its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd (RIIHL) has entered into binding agreements with Canada-based Brookfield Infrastructure Partners LP and its institutional partners for an investment of Rs 25,215 crore in the units to be issued by Tower Infrastructure Trust.
At the closing of transaction, Tower Infrastructure Trust will own 100 per cent of the issued and paid-up equity share capital of Reliance Jio Infratel Pvt Ltd (RJIPL).RJIPL has a current portfolio of nearly 1.3 lakh communication towers that forms the infrastructure backbone of Reliance Jio Infocomm Ltd's telecommunication network. It has plans to build additional towers and the total number of towers is expected to reach about 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," said Mukesh Ambani, Chairman and Managing Director of RIL.
"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," he said in a statement. The closing of transaction is subject to certain regulatory approvals which are expected shortly.