Brookfield to infuse Rs 25,215 cr in RIL's tower arm; proceeds will be used to repay financial liabilities of RJIPL

New Delhi: Reliance Industries Limited (RIL) on Friday said Brookfield will invest Rs 25,215 crore in the units proposed to be issued by Tower Infrastructure Trust.

 Brookfield to infuse Rs 25,215 cr in RILs tower arm; proceeds will be used to repay financial liabilities of RJIPL

Representational image. Reuters

"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 Rs 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 percent 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 percent of equity share capital of RJIPL, currently held by RIL," the filing noted.

(Disclosure - Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)

Updated Date: Jul 19, 2019 20:06:46 IST