An arm of Reliance Industries enters into a deal with Brookfield to get over INR25,000cr in investments.
We've Got A Deal: Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has entered into binding agreements with Brookfield Infrastructure Partners, and its institutional partners, for an investment of INR25,215cr in the units to be issued by the Tower Infrastructure Trust, it said in a filing with the exchanges.
At the closing of the transaction, the trust will own 100% of the issued and paid up equity share capital of Reliance Jio lnfratel Private Limited (RJIPL), which currently has a portfolio of approximately 130,000 communication towers that form the infrastructure backbone of Reliance Jio's telecommunication network. It has plans to build additional towers with the total number of towers expected to reach approximately 1,75,000. Business Today
Selling Off: GlaxoSmithKline (GSK) is reportedly planning to sell its stake in Hindustan Unilever (HUL) in ‘tranches’ by early 2020 for $3.7bn. The move follows GSK Consumer Healthcare’s decision on December 3, 2018 to merge with the Indian unit of Unilever.
GSK is expected to sell its c. 6% stake in HUL once the merger is completed in early 2020. Moneycontrol
Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.