Reliance Industries Ltd. (RIL) on Monday announced that its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd (RIIHL) 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.

In an exchange filing, the oil to telecom major said that at the closing of the transaction, the Trust will own 100 percent of the issued and paid up equity share capital of Reliance Jio lnfratel Private Ltd (RJIPL).

RJIPL has a current portfolio of approximately 130,000 communication towers that forms the infrastructure backbone of Reliance Jio Infocomm Limited’s telecommunication network.

“We 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”, said Mukesh Ambani, Chairman and Managing Director of RIL.

The company plans to scale up to 1,75,000 towers. Jio is an anchor tenant of the tower portfolio under a 30-year Master Services Agreement, it said.

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