Banks want Reliance Jio to give minimum business guarantee to InvITs

Indian lenders, who are in discussions with Reliance Industries (RIL) on transfer of latter’s telecom debt worth $15.4 billion, or Rs 1.07 trillion, to two infrastructure investment trusts (InvITs), are seeking guaranteed business to the InvITs.

Termed as ‘take or pay’, RIL may be asked to give minimum business guarantee to the InvITs — whether the company uses the telecom infrastructure or not.

Lenders took this step after RIL decided to transfer Reliance Jio’s tower and digital fibre infrastructure assets to the two InvITs. RIL is in talks with Canadian financial powerhouse, Brookfield, for the tower assets InvIT. RIL is