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RIL Arm Inks Pact To Get Over Rs 25,000 Cr Investments From Canada’s Brookfield

Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has entered into binding agreements with Brookfield Infrastructure Partners LP, and its institutional partners, for an investment of Rs. 25,215 crore in the units to be issued by the Tower Infrastructure Trust, it said in a filing with the exchanges.

At the closing of the transaction, the Trust will own 100% of the issued and paid up equity share capital of Reliance Jio lnfratel Private Limited (RJIPL). RJIPL has a portfolio of approximately 130,000 telecom towers that form the backbone of Reliance Jio Infocomm Limited’s network. The company plans to scale up to 1,75,000 towers eventually.

Jio is an anchor tenant of the tower portfolio under a 30-year Master Services Agreement.

Mukesh Ambani-led Reliance Industries Ltd (RIL) in November became the first Indian company to cross Rs10 trillion in market capitalization, with its shares surging nearly 41% since the start of 2019.

Earlier in December, Goldman Sachs Equity Research had increased the 12-month target price of the shares of Reliance Industries to 1,850 per share. The equity research firm also raised the earnings estimate for financial year 2021-22. It expects Reliance Jio to benefit the most from the recent tariff hike announced by the three private telecom operators. It said that among the three operators, Jio is most likely to witness the highest increase in average revenue per user (ARPU).

At 10.13 am, the shares of RIL were nearly unchanged at Rs 1584 apiece on the BSE. – Livemint

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