Reliance Industries opened talks with investment company Brookfield Asset Management to sell a controlling stake in a spun-off business housing Reliance Jio’s tower and fibre assets, The Times of India reported.
The total value of the assets under discussion is estimated at $12 billion to $15 billion and comprises 220,000 towers and 300,000 kms of fibre. However, these figures could increase should Reliance Industries or one of its subsidiaries buy-up towers from Reliance Communications’ defunct mobile operation when India’s companies authority comes to sell off its assets.
Last Month, Bloomberg reported Reliance Industries was open to spinning-off and selling Jio’s tower and fibre assets to reduce the debt pile built-up during the rollout of its fixed and mobile networks.
This is not the first time Brookfield Asset Management has been linked with infrastructure investment in India. It was previously named as a likely bidder for tower units sold in 2018 by Vodafone India and Idea Cellular prior to the two operators merging. The 76,000 sites were eventually sold to American Tower.
Brookfield Asset Management is a huge Canada-based investment company with a wide variety of interests around the world from office blocks to ports and power-lines. Assets under its control are valued at more than $330 billion. In 2018 it bought gas infrastructure from another subsidiary of Reliance Industries.
Last week the investment company was also rumoured to be mulling a bid for Dutch operator KPN.Subscribe to our daily newsletter Back