In a stock exchange filing, Reliance Industries Limited (RIL) said that its wholly-owned subsidiary Reliance Industrial Investments and Holdings Limited (RIIHL) has entered into binding agreements with Brookfield Infrastructure Partners LP, and its institutional partners, for an investment of 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% of the issued and paid up equity share capital of Reliance Jio lnfratel Private Limited ("RJIPL")," it said.
RJIPL has a current portfolio of approximately 130,000 communication towers that forms the infrastructure backbone of Reliance Jio's telecommunication network. It plans to build additional towers with the total number of towers expected to reach approximately 1,75,000 towers.
Jio is an anchor tenant of the tower portfolio under a 30-year Master Services Agreement.
Shares of RIL rose to an intraday high of Rs 1,593.90 apiece on NSE.