An email questionnaire sent to RIL
spokesperson did not elicit any reply.
Reliance Jio Infocomm, a 100 per cent subsidiary of Reliance Industries, has recently undertaken a major restructuring of its assets, in which all the telecom tower and fibre optic assets, have been transferred to the two infrastructure investments trusts. Apart from these assets, Reliance Jio Infocomm will also transfer its debt worth $15.4 billion to the two trusts. This will reduce debt of Reliance Jio Infocomm substantially estimated at $26 billion.
As of now, the Tower InvIT is currently wholly owned by Reliance Industrial Investments and Holdings Ltd (RIIHL), which is the sponsor of the trusts. RIIHL, in turn, is the wholly-owned subsidiary of RIL.
The Mukesh Ambani company is in talks with foreign investors including Canadian fund, Brookfield to invest in the InvIT. The valuation of the both InvITs has been pegged at Rs 36,000 crore.
The move will help Reliance Jio Infocomm to deleverage its own balance sheet and at the same allow the two InvITs to lease the tower and fibre assets to third parties to earn revenues.