new Delhi. The government has approved a deal worth Rs 25,215 crore between Reliance Industries subsidiary and Canada's Brookfield Infrastructure Partners LP. The deal involves the sale of more than 1.35 lakh mobile towers. Reliance Industrial Investment & Holdings Ltd., a unit of Reliance Industries Ltd. (RIIHL), renamed RPPMSL, entered into an binding agreement with Brookfield Infrastructure Partners LP and its partners in December 2019 to sell the tower business.
Tower company Reliance Jio Infocomm Limited and Reliance Projects and Property Management Services Ltd. Had entered into a master service agreement for the deal, under which Reliance Jio would remain the tenant of the new company for the next 30 years. As of March 31, 2020, the tower company had 1,35,047 towers. Their number has to be increased to 1,74,451 during the current financial year. Currently Reliance Jio Infocomm Limited is the sole tenant of In Towers. Brookfield will buy 100 per cent stake in the tower company with operations.
The board of directors of Bharti Infratel has decided to go ahead with the merger plan with Indus Towers. The company gave this information on Tuesday. The company said that Vodafone Idea is likely to charge a cash value of about Rs 4,000 crore for its 11.15 percent stake in Indus Towers. The company said that its board of directors meeting on August 31, 2020 reviewed the status of the merger plan and related agreements between Indus Towers and Bharti Infratel.
In a communication sent to the stock exchanges, the company said that after deliberations, the board of directors authorized the chairman to proceed on the scheme and approach the National Company Law Tribunal (NCLT) and comply with other procedural requirements for the merger. Has decided. Sources said that Bharti Airtel will have a 36.7 percent stake in the entity that came into existence after the merger.
Vodafone-UK will hold 28.2 percent, Providence Equity Partners will hold 3.2 percent and the public will hold 31.6 percent. Sources said the earlier merger ratio (1,565 shares of Bharti Infratech on each Indus share) has been changed to 1,519 shares of Bharti Infratel on each Indus share.
This post was published on September 1, 2020 2:37 pm
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