For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Canada’s Brookefield To Invest Rs 25,215 Cr In Reliance’s Tower Trust

|

Reliance Industries Limited on Friday informed of Canada's Brookfield Asset Management agreement to invest Rs 25,215 crore in the units proposed to be issued by Tower Infrastructure Trust. The company said that it was the single largest foreign investment in an Indian infrastructure vehicle.

Canada’s Brookefield To Invest Rs 25,215 Cr In Reliance’s Tower Trust
 

"Reliance Industrial Investments and Holdings, a wholly-owned subsidiary of Reliance Industries has entered into an agreement with BIF IV Jarvis India, an affiliate of Brookfield Asset Management Inc. for an investment by Brookfield (along with co-investors) of Rs 25,215 crore in the units proposed to be issued by the Tower Infrastructure Trust," the company said in a regulatory filing.

Brookfield's investment is subject to stipulated government and regulatory approvals, it added.

Reliance Industrial Investments and Holdings (RIIHL) is the sponsor of the trust, which holds 51 percent share capital of Reliance Jio lnfratel Private Limited (RJIPL), an entity to which the tower assets undertaking of Reliance Jio were recently transferred.

"Proceeds from the investment by Brookfield will be used to repay certain existing financial liabilities of RJIPL and acquiring the balance 49 percent of equity share capital of RJIPL, currently held by RIL," the filing noted.

"The transaction validates the value unlocked through spin-off of passive infrastructure assets through the InVIT structure," the company added.

Read more about: ril infrastructure
Story first published: Saturday, July 20, 2019, 12:09 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X