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RIL arm enters into agreement with Brookfield for investment of Rs. 25215 crore

Posted On: 2019-12-16 09:45:17

Reliance Industrial Investments and Holdings Limited ("RIIHL"), a wholly-owned subsidiary of Reliance Industries Limited ("RIL"), has entered into binding agreements with Brookfield Infrastructure Partners L.P. ("Brookfield Infrastructure"), and its institutional partners, for an investment of Rs. 25,215 crore in the units to be issued by the Tower Infrastructure Trust ("Trust") in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

At the Closing of the Transaction, the Trust will own 100% of the issued and paid up equity share capital of Reliance Jio lnfratel Private Limited ("RJIPL"). RJIPL has a current portfolio of approximately 130,000 communication towers that forms the infrastructure backbone of Reliance Jio Infocomm Limited's ("Jio") telecommunication network, with plans to build additional towers and the total number of towers is expected to reach approximately 1,75,000 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 Shri Mukesh D Ambani, Chairman and Managing Director of RIL.

Closing of the transaction is subject to certain regulatory approvals, which are expected shortly.

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1582.45 as compared to the previous close of Rs. 1567.5. The total number of shares traded during the day was 611627 in over 9401 trades.

The stock hit an intraday high of Rs. 1590 and intraday low of 1572.55. The net turnover during the day was Rs. 965781656.

Source: Equity Bulls

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