Brookfield Infrastructure along with its institutional partners in tower infrastructure trust has completed the acquisition of Mukesh Ambani-owned Reliance Jio’s telecom tower assets with an investment of Rs 25,215 crore as the deal has received all the regulatory approvals.
The development comes after the Department of Telecommunications in August approved the deal.
In a regulatory filing, Reliance Industries Ltd. said, “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.”
Last week, a SEBI filing said, “The DoT through its letter dated August 11, 2020 has approved Rs 1,053.50 million downstream foreign investment for acquisition of the remaining 49 per cent 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 per cent 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 per cent of the issued and paid up equity share capital of Reliance Jio lnfratel Private Limited (RJIPL).