Reliance sells Jio towers to Brookfield

Reliance sells Jio towers to Brookfield

Brookfield Infrastructure Partners is acquiring the tower assets of Reliance Jio from its parent firm Reliance Industries in a deal worth INR252 billion ($3.5 billion).

The firms have signed a binding agreement that will see Brookfield, together with its institutional investors, obtain 100% equity in Reliance’s tower unit, Reliance Jio lnfratel. The unit currently has around 130,000 towers and is aiming to add a further 45,000 sites. Reliance Jio holds a 30-year agreement as the anchor tenant for the towers.

Reliance chairman and MD Mukesh Ambani said: “are confident of Brookfield’s abilities to manage this large portfolio of high-quality infrastructure assets and further enhancing value creation opportunities. This transaction demonstrates the belief of global investors in the potential of India’s digital opportunity.”

The deal requires a green light from the country’s regulator, which the companies expect to be granted soon.

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