Brookfield to invest in Reliance Tower Infra Trust

Mukesh Ambani-led Reliance Industries’ subsidiary Reliance Industrial Investments has signed an agreement with BIF IV Jarvis India, an associate of Brookfield Asset Management Inc. for investment by Brookfield of Rs. 25,215 crore in the units proposed to be issued by the Tower Infrastructure Trust.

The company is likely to use these funds to retire its current financial obligation and acquire nearly 49 per cent of equity share capital currently held by Reliance Industries.

Apart from this, Reliance Industries has informed the bourses that its board of directors have approved the merger of its wholly-owned arms Reliance Holdings USA and Reliance Energy Generation and Distribution with the company.

Reliance Industries has come up with Q1FY20 results and posted jump in revenue by 21.9 per cent on YoY basis. Net profit grew by 6.9 per cent on YoY basis. Company’s retail business and good show from Jio led to overall healthy performance. The company’s telecom arm Reliance Jio in Q1FY20 reported revenue and net profit of Rs. 4,670 crore and Rs. 891 crore, respectively.

Meanwhile at 11:20, the stock of Reliance Industrial Infrastructure was trading at Rs. 265.40, down by 1.81 per cent and the stock of Reliance Industries was trading at Rs. 1262.45, up by 1.08 per cent on the BSE.