MUMBAI: Reliance Industries Ltd (RIL) on Friday said it has entered into a deal with Brookfield Asset Management’s associate BIF IV Jarvis India for Rs 25,215 crore investment in the Tower Infrastructure Trust of its wholly owned subsidiary Reliance Industries Investments & Holdings Ltd (RIIHL).
Brookfield would, in effect, own 100 per cent in the Tower InvIT, while RIIHL would continue to be a co-sponsor of the InvIT along with Brookfield. RIL had in March moved its tower and fiber assets to two separate InvITs to unlock value and also help it reduce debt.
“This is the single largest foreign investment in an Indian infrastructure vehicle and is a testimony from one of the largest infrastructure players globally, for the quality of assets created by Jio. This is also a significant step forward in optimising the capital structure of the digital and infrastructure businesses,” RIL said. The transaction validates the value unlocked through spin-off of passive infrastructure assets of Jio through the InvIT structure.