Reliance Industries share price hovered around Rs 1,600 crore mark after Reliance Industrial Investments and Holdings Limited (RIIHL), an arm of the Mukesh Ambani-led firm, received Rs 25,215-crore investment from Canada's Brookfield Infrastructure and institutional partners in its tower infrastructure trust. The large cap stock hit its lifetime high of Rs 1,614 on December 2 this year.
Reliance Industries share price rose to Rs 1,593 compared to the previous close of Rs 1,582.45 on BSE. Share of Reliance Industries has gained 1.37% in last four sessions. Reliance Industries share has risen 42% during last one year and gained 41% since the beginning of this year.
The conglomerate in a release said, 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).
RJIPL has a current portfolio of approximately 130,000 communication towers that forms the infrastructure backbone of Reliance Jio Infocomm Limited's telecommunication network. It has plans to build additional towers with the total number of towers expected to reach approximately 1,75,000.
"We are pleased to enter into this long and strategic relationship with Brookfield, which is one of the largest and most respected managers of infrastructure assets globally. We are confident of Brookfield's abilities to manage this large portfolio of high-quality infrastructure assets and further enhancing value creation opportunities. This transaction demonstrates the belief of global investors in the potential of India's digital opportunity", said Mukesh Ambani, Chairman and Managing Director of RIL.
By Aseem Thapliyal