The Reliance Industrial Investments and Holdings Limited (RIIHL) has signed an agreement for an investment of Rs. 25,215 crores in the units to be issued by the Tower Infrastructure Trust with Canada-based Brookfield Infrastructure Partners LP and its institutional partners.
RIIHL is a wholly-owned subsidiary of Reliance Industries Limited (RIL).
“We are pleased to enter into this long and strategic relationship with Brookfield, which is one of the largest and most respected managers of infrastructure assets globally. We are confident of Brookfield’s abilities to manage this large portfolio of high-quality infrastructure assets and further enhancing value creation opportunities,” said Mukesh Ambani, Chairman and Managing Director of RIL.
Tower Infrastructure Trust will own 100% of the issued and paid-up equity share capital of Reliance Jio infratel Private Limited (RJIPL), said a release issued by the telecom giant. RJIPL is currently working to build additional Jio tower, and the number of towers is expected to reach up to 1,75,000 from the current portfolio of 130,000 telecom towers which forms the mainstay of Jio communication service.
Reliance Industries share price rose to Rs 1,593 compared to the previous close of Rs 1,582.45 on BSE. Share of Reliance Industries has gained 1.37% in the last four sessions. Reliance Industries share has risen 42% during the last one year and became the first Indian company to cross Rs10 trillion in market capitalization in November.
The equity research firm Goldman Sachs has estimated that Reliance Jio will get more benefit from the recent tariff hike announced by the three private telecom operators. Reliance Jio communication will have the highest increase in average revenue per user (ARPU) among three private telecoms.
The large-cap stock hit its lifetime high of Rs 1,614 on December 2 this year. The shares of RIL began with Rs. 1584 on the BSE in today’s market.