Reliance Jio’s $8B bn tower deal with Brookfield awaits nod from DoT, MHA

Mumbai | New Delhi: Nine months after Reliance Jio entered into an agreement with Brookfield to sell its mobile network towers, the largest FDI in Indian infrastructure has not yet received all regulatory approvals, said people aware of the matter.

While final approvals from the Department of Telecommunications (DoT) and Ministry of Home Affairs (MHA) are expected shortly, as per the sources cited, Reliance Industries’ (RIL) debt reduction plans have been delayed. RIL has said it plans to become debt free by March 2021, and this deal is projected to reduce debt by $8 billion.

Government sources tell ET that MHA had referred the matter back to the Securities and Exchange Board of India (Sebi) earlier this year, even as the stock market regulator had blessed the deal late last year. Sebi in turn has responded two weeks back.