RIL’s telecom towers to get Rs 25,215 crore investment from Canada-based company

Canada-based Brookfield Infrastructure Partners LP is going to invest Rs 25,215 crores in telecom tower assets of Reliance Industries, as anunced by Indian firm on December 16, Monday.

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Reliance has made an anuncement in a stock exchange filing:

"Furr to earlier disclosures on subject, Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RILNSE -1.03% BSE), has entered into binding agreements with Brookfield Infrastructure Partners L.P. and its institutional partners, for an investment of Rs. 25,215 crores in units to be issued by Tower Infrastructure Trust.”

After deal is closed, RIL subsidiary will longer hold any units. Brookfield’s alternative assets manr and ir partners would become sponsors of Tower Infrastructure trust, holding 100% of equity share capital of Reliance Jio Infratel Pvt Ltd (RJIPL), India's largest telecom tower company with 130,000 towers throughout trust. RIL will become a co-sponsor.

This is single largest foreign investment in an Indian infrastructure vehicle. re are plans to build additional towers and y aim to build a total of 1.75 lakh towers.

Mukesh Ambani, Chairman and Managing Director of RIL told news ncies that: "We are pleased to enter into this long and strategic relationship with Brookfield which is one of largest and most respected manrs of infrastructure assets globally.”

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He also stated that "We are confident of Brookfield's abilities to man this large portfolio of high-quality infrastructure assets and furr enhancing value creation opportunities. This transaction demonstrates belief of global investors in potential of India's digital opportunity.”

closing of transaction is subject to certain regulatory approvals which are expected shortly. Reliance Industries’ shares were trading at Rs 1,579.25 per piece on Bombay Stock Exchange (BSE).

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(With Inputs from ANI)