You are here: Home » Companies » News
Business Standard

Brookfield InvIT expects data to drive revenue

Trust seeks unitholders nod to change name to Data Infrastructure Trust

Topics
Brookfield india

BS Reporter  |  Mumbai 

Brookfield

Tower Infrastructure Trust, an infrastructure investment trust (InvIT) owned by Canadian financial powerhouse, Brookfield, is planning to change its name to Data Infrastructure Trust so as to increase the future business possibilities of the Trust.

The InvIT said the Trust would have a broader scope under the name “Data” which would be more reflective of the overall business profile of the Trust assets in the future, it said in a filing with the stock exchanges.

At the same time, the InvIT which owns 100 per cent equity in Summit Digital Infrastructure Private Limited (SDIPL) formerly known as Reliance Jio Infratel Private Limited, will be converted from a private company to a public limited company.

In December 2019, in order to reduce debt in its books, RIL’s subsidiary, Reliance Industrial Investments and Holdings Ltd (RIIHL) had inked binding agreements with Brookfield to sell 100 per cent stake in its telecom tower company for Rs 25,215 crore. As per the deal, RIIHL, the sponsor of Tower Infrastructure Trust, had issued units in the trust to Brookfield affiliate, BIF IV Jarvis India and some investors.

After the deal was closed, Brookfield became sponsors of the trust, which, in turn, held 100 per cent stake in the telecom company with 1,30,000 towers across India. RIIHL became the co-sponsor, but did not hold any units. This was the single largest foreign investment in an Indian infrastructure vehicle —just prior to the Corona pandemic hit India.

RJIL, a subsidiary of Reliance Industries Limited, is the anchor tenant for all towers owned by SDIPL which has presence in 22 telecom circles. SDIPL has geographically well-distributed portfolio of towers with 22%-28% located in each geography. The company intends to increase its portfolio to 174,451 towers and more than 60% of the towers are fiberised ensuring higher capacity for increased data consumption at higher speeds.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, May 03 2021. 17:44 IST
RECOMMENDED FOR YOU
.