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Reliance Jio transfers controlling stake in fibre and tower units to RIIHL trusts

April 03, 2019
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Reliance Jio has transferred control of its fibre unit, Jio Digital Fibre Private Limited (JDFPL) and tower unit, Reliance Jio Infratel Private Limited (RJIPL) to two investment trusts namely, Digital Fibre Infrastructure Trust and Tower Infrastructure Trust.

These infrastructure investment trusts (InvITs) have been set up by Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL). According to Reliance Jio, the transfer of stake will result in significant deleveraging of the consolidated balance sheet of the company as at March 31, 2019.

Digital Fibre Infrastructure Trust and Tower Infrastructure Trust have acquired 51 per cent stake each in Jio's fibre and tower units for Rs 2.62 billion and Rs 1.09 billion respectively. In addition, JDFPL and RJIPL have also allotted shares worth Rs 5 billion and Rs 2 billion to Reliance Jio shareholders, respectively, RIL said.

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