Brookfield Infrastructure Partners, alongside its institutional partners, has announced that it has entered into binding agreements to acquire a 100% stake in a telecom tower company in India from Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL). The total equity requirement is US$3.7 billion, of which Brookfield Infrastructure will invest approximately US$ 375 million, with the balance being funded by its institutional partners.

Brookfield Infrastructure is acquiring a portfolio of approximately 130,000 communication towers that forms the infrastructure backbone of Reliance Jio’s (Jio) telecom business. These are recently constructed assets that are strategically located for pan-India 4G coverage. These towers are well-positioned from a competitive perspective as they are largely connected by fiber backhaul, which provides a unique platform to capitalize on the rollout of 5G and future technologies. Jio is an anchor tenant of the tower portfolio under a 30-year Master Services Agreement, providing a secure source of revenues for the tower company.