Reliance Industrial Investments and Holdings Limited ("RIIHL"), a wholly-owned subsidiary of Reliance Industries Limited ("RIL"), has entered into an agreement with BIF IV Jarvis India Pte Limited, an affiliate of Brookfield Asset Management Inc. ("Brookfield") 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 ("Trust") in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. Brookfield's investment is subject to conditions precedent, including receipt of requisite government and regulatory approvals.
RIIHL is the Sponsor of the Trust and the Trust currently holds 51% of the issued and paid up equity share capital of Reliance Jio lnfratel Private Limited ("RJIPL") to which the tower assets undertaking of Reliance Jio lnfocomm Limited ("RJIL") was transferred as a going concern pursuant to a scheme of arrangement sanctioned by NCL T, Ahmedabad bench.
Proceeds from the investment by Brookfield will be used to repay certain existing financial liabilities of RJIPL and acquiring the balance 49% of equity share capital of RJIPL, currently held by RIL.
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