In December 2019, Reliance Jio Infocomm Limited and Reliance Projects & Property Management Services Limited (RPPMSL) made an agreement with Brookfield Infrastructure Partners LP for a sale of 1.35 lakh mobile towers.
The sale for the 1,35,047 towers, which the company plans to scale up in the current financial year, will take place for Rs 25,215-crore according to a regulatory filing.
It is worth noting that according to a contract between The Tower Company, Reliance Jio Infocomm Limited and Reliance Projects & Property Management Services Limited (RPPMSL), Reliance Jio will be the sole tenant of the towers for the next 30 years.
In regards to the sale, the filing said, “The Brookfield Sponsor has entered into the Deed of Accession dated August 26, 2020, with the Reliance Sponsor and the Trustee, upon receipt of the approval from Department of Telecommunications (DoT) dated August 11, 2020.” Further, it added, “The Tower Co holds completed and revenue-generating assets with some more towers planned for construction in future and therefore the investment complies with the InvIT Regulations.”
Government approves Rs 25,215 crore RIL-Brookfield mobile tower dealhttps://t.co/6fvk0DPXav #ExpressBiz
— The Indian Express (@IndianExpress) September 1, 2020
