Affiliates of Singaporean sovereign wealth fund GIC, alongside Brookfield Infrastructure Partners and other co-investors, have acquired a 100% stake in an Indian telecoms tower company from Reliance Industrial Investments and Holdings, a wholly owned subsidiary of Reliance Industries. The total equity commitment for the transaction is approximately USD3.4 billion.
The acquired business comprises a portfolio of around 135,000 communications towers which forms the Reliance Jio Infocomm (Jio) mobile network. More towers are planned, increasing the total number of towers in the transaction perimeter to approximately 175,000. Jio is the anchor tenant of the tower portfolio under a 30-year Master Services Agreement, which will provide the tower company with a secure, long-term source of revenues.