Home > Companies > News > Canada's Brookfield to infuse 25,215 crore into RIL's tower arm

New Delhi: Reliance Industries Friday said Canada's Brookfield Asset Management will invest 25,215 crore in the units proposed to be issued by Tower Infrastructure Trust. This is the single largest foreign investment in an Indian infrastructure vehicle, the company said.

"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 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 per cent 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 per cent 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 said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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