RJio tower unit to get Rs 25k cr from Brookfield, other investors
19-July-2019
Reliance Industrial Investments and Holdings Ltd. (RIIHL) has entered into an agreement with BIF IV Jarvis India Pte Limited, an affiliate of Brookfield Asset Management Inc for an investment of Rs 25,215 crore in Reliance Jio lnfratel Pvt. Ltd. (RJIPL).
As a result of the investment, Canada-based Brookfield and the other investors would get 49 per cent stake in RJIPL.
"Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Limited, has entered into an agreement with BIF IV Jarvis India Private Limited, an affiliate of Brookfield Asset Management Inc for an investment by Brookfield (along with coinvestors) of Rs 25,215 crore in the units proposed to be issued by the Tower Infrastructure Trust," Reliance Industries (RIL) said in a regulatory filing. The RIIHL is a wholly-owned subsidiary of the RIL.
The RIIHL is the sponsor of the Tower Infrastructure Trust and it currently holds 51 per cent of the issued and paid up equity share capital of Reliance Jio lnfratel to which the tower assets undertaking of Reliance Jio lnfocomm was transferred as a going concern pursuant to a scheme of arrangement sanctioned by NCLT, Ahmedabad bench.
The company said that proceeds from the investment by Brookfield will be used to repay certain existing financial liabilities of Reliance Jio Infratel. IANS
Texas Floods Kill 109, Over 160 Missing as Guadalupe River Search Continues
Gopal Khemka Murder: Accused Vikas Kumar Killed in Police Encounter in Patna
Shiv Sena-UBT Hits Back At BJP Amid Attacks On Hindi-Speaking Individuals
Shiv Sena (UBT) Hits Back at CM Fadnavis Over ‘Rudaali’ Remark on Uddhav’s Rally Speech
Chennai Beats Delhi and Mumbai in Paying Freshers—Here’s How Much They Earn!