Home Business Brookfield completes Rs 25,215 cr tower deal with RJio

Brookfield completes Rs 25,215 cr tower deal with RJio

Brookfield Infrastructure along with its partners has completed the acquisition of Reliance Jio’s telecom tower assets with an investment of Rs 25,215 crore as the transaction has received all the regulatory approvals.

The development comes after the Department of Telecommunications in August approved the deal.

“The aforesaid transaction has been completed after obtaining all regulatory approvals, fulfilling other completion requirements, and further to subscription of units of the Tower Infrastructure Trust (“Trust”) by Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), alongside its institutional partners, for an investment of Rs 25,215 crore,” RIL said on a regulatory filing on Tuesday on the deal.

A SEBI filing last week said: “The DoT through its letter dated August 11, 2020, has approved Rs 1,053.50 million downstream foreign investment for the acquisition of the remaining 49 percent of the paid-up equity share capital of Tower Co. from RIL by the Trust.”

Further, the department has also approved the increase in foreign investment in TowerCo. to 100 percent of the paid-up equity share capital.

In December last year, Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL) entered into an agreement under which it will receive Rs 25,215 crore investment by Canadian entity Brookfield Infrastructure and its institutional partners in its tower infrastructure trust.

As per the deal at the closing of the transaction, the trust will own 100 percent of the issued and paid-up equity share capital of Reliance Jio infrared Private Limited (RJIPL).

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