Mumbai: A SEBI filing said: “The DoT through its letter dated August 11, 2020 has approved Rs 1,053.50 million downstream foreign investment for acquisition of the remaining 49 per cent of the paid-up equity share capital of Tower Co from RIL by the Trust.” Further, the department has also approved the increase in foreign investment in Tower Co to 100 per cent of the paid-up equity share capital.
In December last year, Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of Reliance Industries Limited (RIL) entered into an agreement under which it will receive Rs 25,215 crore investment by Canadian entity Brookfield Infrastructure and its institutional partners in its tower infrastructure trust.
As per the deal at the closing of the transaction, the trust will own 100 per cent of the issued and paid up equity share capital of Reliance Jio lnfratel Private Ltd (RJIPL).
DoT gave the approval subject to the condition – “The Tower Co shall ensure compliance with the InvIT Regulations” and “the investment of Rs 2,52,150 million by the Brookfield Sponsor and other investors into the Trust by way of the Issue should be in compliance with applicable FEMA rules and regulations and the InvIT Regulations.”
