Mumbai (Maharashtra) [India], Sep 1 (ANI): Reliance Industries said on Tuesday that all approvals have been obtained for a Rs 25,215 crore Brookfield tower deal a year after it was announced.
"The transaction has been completed after obtaining all regulatory approvals, fulfilling other completion requirements and further to subscription of units of the Tower Infrastructure Trust by Brookfield Infrastructure Partners LP alongside its institutional partners for an investment of Rs 25,215 crore," Reliance said in a statement.
In July 2019, Reliance Industrial Investments and Holdings -- a wholly-owned Reliance Industries unit and the sponsor of Tower Infrastructure Trust -- had said it will issue units in the trust to Brookfield affiliate BIF IV Jarvis India and co-investors for Rs 25,215 crore.
Brookfield and its partners will become sponsors of the trust holding all the units while the Reliance subsidiary will become a co-sponsor without holding units, according to reports. The trust currently owns 51 per cent of Reliance Jio lnfratel with the remainder held by Reliance Industries.
On receiving the funds, the trust will buy out Reliance's 49 per cent stake, repay Rs 12,000 crore to Reliance Jio Infocomm and certain existing financial liabilities of Reliance Jio Infratel besides investing for the tower firm's growth.
Jio demerged the tower business into Jio Infratel in the quarter ended March this year. (ANI)