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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.