Govt approves Rs 25,215 crore RIL-Brookfield mobile tower deal

The government has approved the Rs 25,215-crore deal between a subsidiary of Reliance Industries and Canadian firm Brookfield Infrastructure Partners LP, involving sale of over 1.35 lakh mobile towers, according to a regulatory filing. Reliance Industries’ unit, Reliance Industrial Investments and Holdings Ltd (RIIHL), renamed as RPPMSL, had inked binding agreements with Brookfield Infrastructure Partners LP and its partners for the tower business deal in December 2019.

“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,” a regulatory filing by Brookfield’s Tower Infrastructure Trust dated August 28 said. The Tower Company, Reliance Jio Infocomm Limited and Reliance Projects & Property Management Services Limited (RPPMSL) have entered into a master service agreement to execute the deal under which Reliance Jio will remain the tenant of the new entity for the next 30 years.