New Delhi: A consortium led by Brookfield Asset Management<\/a> has agreed to acquire Reliance Industries<\/a>’ Reliance<\/a> Jio<\/a> lnfratel unit in a multi-stage deal, which would see it first investing <Rupee>25,215 crore in an infrastructure trust that owns 51% of the telecom tower company. 新德里:牵头的财团布鲁克菲尔德资产管理已同意收购信实工业公司”依赖Jiolnfratel单位多级处理,首先会看到<卢比> 25215卢比的投资于基础设施信托拥有电信塔公司的51%。
Once the transactions are closed, the Canadian alternative assets manager and its partners would own 100% of India’s largest telecom tower company with 170,000 towers through Tower Infrastructure Trust. The proceeds will allow Mukesh Ambani-controlled RIL<\/a> reduce debt at its telecom unit, Reliance Jio Infocomm, and free up cash to take on rivals Bharti Airtel and Vodafone Idea.
“This is the single largest foreign investment in an Indian infrastructure vehicle,” RIL said.
Turn Heading: Tower, Fibre Biz Spun Off Earlier This Year<\/b>
The oil-to-telecom conglomerate said talks were ongoing also to monetise the group’s fibre assets, Jio Digital Fibre, under a similar deal structure, but did not name any potential investors. The tower and fibre businesses were both spun off from Jio earlier this year.
Under the deal announced on Friday, Reliance Industrial Investments & Holdings, a wholly owned Reliance Industries unit and the sponsor of Tower Infrastructure Trust, would issue units in the trust to Brookfield affiliate BIF IV Jarvis India and some co-investors. Brookfield and its partners would become the sponsors of the trust, holding all the units, while the Reliance Industries subsidiary would become a co-sponsor, but hold no units.
The trust currently owns 51% of Reliance Jio lnfratel, where Reliance Industries holds the remaining 49%. On receiving the funds, the trust would buy out Reliance’s 49% stake, repay Rs 12,000 crore to Jio and “certain existing financial liabilities of Reliance Jio Infratel<\/a>”, besides investing for the tower firm’s growth, Reliance Industries said.
Jio would also transfer its proceeds of Rs 12,000 crore to the Reliance Group against certain financial liabilities owed to the parent.
After the completion of the proposed deal, Reliance Jio lnfratel would have debt of Rs 16,000 crore.
This is the second investment this year that Brookfield is making in a venture controlled by Mukesh Ambani. In March, it had agreed to buy the loss-making East-West Pipeline, earlier known as Reliance Gas Transportation Infrastructure, at an enterprise valuation of Rs 13,000 crore.
“The big investment from Brookfield will strengthen Jio’s balance sheet, boost its cash reserves and help it build a sizeable war chest to fight Airtel and Vodafone Idea and consolidate its gains in the mobile broadband turf,” said Rohan Dhamija, a partner and the head of India and Middle East at Analysys Mason.
Brookfield will seek to obtain more tenants for the tower assets, Reliance said. “All expansion will be by Brookfield. This is monetisation (for Reliance). We have invested and now we have exited. Same we will do for fibre,” Reliance Industries chief financial officer V Srikanth told reporters.
ET had reported in its June 12 edition that Brookfield was close to signing a pact to invest in the tower assets.
Jio had demerged the tower and fibre businesses in the quarter ended March to Reliance Jio Infratel<\/a> and Jio Digital Fibre. The fibre network is 700,000 route km long. Separating the two helped the telecom company remove liabilities of about Rs 1.07 lakh crore from its balance sheet. Jio had debt of Rs 75,000 crore at the end of June.
RIVALS RAISING FUNDS
Bharti Airtel and Vodafone Idea have recently beefed up their books with each raising Rs 25,000 crore via rights issues. Both are also considering stake sales in their tower units to raise further cash. All three telcos are trying to strengthen their balance sheets also by reducing debt amid continuing need to invest in their 4G networks besides preparing for the upcoming spectrum auction where 5G airwaves will be up for sale for the first time.
Jio has a right to use the tower and fibre assets, for which it has started paying the trust. “This has resulted in recognising a right-of-use asset and a corresponding lease liability of Rs 6,633 crore as at 1st April 2019,” Jio said. Anshuman Thakur, Jio’s strategy head, said Jio’s long-term lease was “capitalised”.
Reliance Jio Infratel’s portfolio of 170,000 towers tops those of Bharti Infratel and Indus Towers, which together have 163,000 towers. Jio acquired 45,000 towers from Reliance Communications and built the rest.
Bank of America Merrill Lynch estimates that of the 125,000 towers built by Jio, around 40,000 were predominantly monopoles and would not support other tenants unless incremental capex was made. But the assets are likely to generate a 12-13% return based on the tenancy lease assumptions.
India’s tower landscape is dominated by three players — Jio Infratel, Bharti Infratel-Indus and American Tower Corporation — who control about 90% of tenancies.
Analysts expect 900 million 4G users on an average consuming 12 GB of data and that most of the data demand is set to be met using towers rather than by small cells or in-building solutions, making the deal timely.
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一旦交易关闭,加拿大的另类资产管理及其合作伙伴将拥有100%的印度最大的电信塔公司170000塔塔基础设施信托。收益将允许穆克什Ambani-controlled瑞来斯减少债务在其电信部门,依赖Jio Infocomm,和释放现金承担对手Bharti Airtel和沃达丰的想法。
标题:转塔,今年早些时候纤维业务剥离
oil-to-telecom集团表示,谈判正在进行资产货币化的纤维,Jio数字纤维,根据类似的协议结构,但没有名字任何潜在的投资者。塔和纤维的企业都是在今年早些时候从Jio剥离出来。
根据上周五宣布的协议,信实工业投资和控股的全资信实工业单位和赞助商塔基础设施信托发行单位信托Brookfield第四附属BIF贾维斯印度和一些共同投资者。布鲁克菲尔德及其合作伙伴将成为赞助商的信任,拿着所有的单位,而子公司信实工业将成为赞助,但持有任何单位。
信托目前拥有51%的依赖Jio lnfratel,信实工业持有剩下的49%。在收到基金,信托将购买依赖的49%的股份,偿还12000卢比Jio和“某些现有的金融负债依赖Jio鼓吹”,除了塔投资公司的增长,信实工业说。
Jio也12000卢比的收入转移到依赖组欠父母反对某些金融负债。
拟议的交易完成后,依赖Jio lnfratel债务16000卢比。
这是今年第二次投资,布鲁克菲尔德是在风险由穆凯什•安巴尼控制。今年3月,已同意收购亏损的西气东输管道,早些时候被称为天然气运输基础设施的依赖,企业估值13000卢比。
布鲁克菲尔德将加强Jio“大投资的资产负债表,提高现金储备,帮助其建立一个相当大的战争基金抗Airtel和沃达丰的想法和巩固其在移动宽带的地盘,“Rohan Dhamija说,合作伙伴和Analysys Mason印度和中东主管。
布鲁克菲尔德将寻求获得更多的租户塔资产,依赖说。“所有的扩张将由布鲁克菲尔德。这是货币化(依赖)。我们现在有投资和退出。同样的我们会做纤维”,信实工业首席财务官V Srikanth告诉记者。
等已经在6月12日版报道,布鲁克菲尔德接近签署一项协议投资大厦资产。
Jio分离塔和纤维企业一季度截至3月依赖Jio鼓吹和Jio数字纤维。光纤网络是700000公里长。两个帮助电信公司把债务约1.07十万的卢比从其资产负债表。Jio有债务75000卢比在6月底。
竞争对手筹集资金
Bharti Airtel和沃达丰的想法最近加强了他们的书与每个通过配股筹集25000卢比。同时也在考虑出售股份的塔单位进一步筹集现金。所有三个电信公司正试图加强他们的资产负债表也通过减少债务,继续需要投资于他们的4 g网络除了准备即将到来的5 g频谱拍卖,电波将首次出售。
Jio有权使用塔和纤维的资产,它已经开始为此付出信任。“这导致承认使用权资产和相应租赁负债6633卢比在2019年4月1日,“Jio说。Anshuman Thakur Jio的战略负责人说,Jio的长期租赁是“资本”。
依赖Jio鼓吹他的投资组合170000大楼顶部鼓吹和印度河塔,加起来有163000塔。Jio获得45000塔Reliance Communications,建造了休息。
Bank of America Merrill Lynch)估计,125000年塔由Jio约40000主要是磁单极子,不支持其他租户除非增量资本支出。但是,资产可能会生成一个基于租赁租赁的12 - 13%的回报的假设。
印度的塔景观是由三名球员——Jio Infratel Bharti Infratel-Indus和美国塔公司——控制约90%的占有权。
分析师预计9亿4 g用户平均消费12 GB的数据,大部分的数据需求将被满足使用塔而非小细胞或在建的解决方案,使交易及时。
New Delhi: A consortium led by Brookfield Asset Management<\/a> has agreed to acquire Reliance Industries<\/a>’ Reliance<\/a> Jio<\/a> lnfratel unit in a multi-stage deal, which would see it first investing <Rupee>25,215 crore in an infrastructure trust that owns 51% of the telecom tower company.
Once the transactions are closed, the Canadian alternative assets manager and its partners would own 100% of India’s largest telecom tower company with 170,000 towers through Tower Infrastructure Trust. The proceeds will allow Mukesh Ambani-controlled RIL<\/a> reduce debt at its telecom unit, Reliance Jio Infocomm, and free up cash to take on rivals Bharti Airtel and Vodafone Idea.
“This is the single largest foreign investment in an Indian infrastructure vehicle,” RIL said.
Turn Heading: Tower, Fibre Biz Spun Off Earlier This Year<\/b>
The oil-to-telecom conglomerate said talks were ongoing also to monetise the group’s fibre assets, Jio Digital Fibre, under a similar deal structure, but did not name any potential investors. The tower and fibre businesses were both spun off from Jio earlier this year.
Under the deal announced on Friday, Reliance Industrial Investments & Holdings, a wholly owned Reliance Industries unit and the sponsor of Tower Infrastructure Trust, would issue units in the trust to Brookfield affiliate BIF IV Jarvis India and some co-investors. Brookfield and its partners would become the sponsors of the trust, holding all the units, while the Reliance Industries subsidiary would become a co-sponsor, but hold no units.
The trust currently owns 51% of Reliance Jio lnfratel, where Reliance Industries holds the remaining 49%. On receiving the funds, the trust would buy out Reliance’s 49% stake, repay Rs 12,000 crore to Jio and “certain existing financial liabilities of Reliance Jio Infratel<\/a>”, besides investing for the tower firm’s growth, Reliance Industries said.
Jio would also transfer its proceeds of Rs 12,000 crore to the Reliance Group against certain financial liabilities owed to the parent.
After the completion of the proposed deal, Reliance Jio lnfratel would have debt of Rs 16,000 crore.
This is the second investment this year that Brookfield is making in a venture controlled by Mukesh Ambani. In March, it had agreed to buy the loss-making East-West Pipeline, earlier known as Reliance Gas Transportation Infrastructure, at an enterprise valuation of Rs 13,000 crore.
“The big investment from Brookfield will strengthen Jio’s balance sheet, boost its cash reserves and help it build a sizeable war chest to fight Airtel and Vodafone Idea and consolidate its gains in the mobile broadband turf,” said Rohan Dhamija, a partner and the head of India and Middle East at Analysys Mason.
Brookfield will seek to obtain more tenants for the tower assets, Reliance said. “All expansion will be by Brookfield. This is monetisation (for Reliance). We have invested and now we have exited. Same we will do for fibre,” Reliance Industries chief financial officer V Srikanth told reporters.
ET had reported in its June 12 edition that Brookfield was close to signing a pact to invest in the tower assets.
Jio had demerged the tower and fibre businesses in the quarter ended March to Reliance Jio Infratel<\/a> and Jio Digital Fibre. The fibre network is 700,000 route km long. Separating the two helped the telecom company remove liabilities of about Rs 1.07 lakh crore from its balance sheet. Jio had debt of Rs 75,000 crore at the end of June.
RIVALS RAISING FUNDS
Bharti Airtel and Vodafone Idea have recently beefed up their books with each raising Rs 25,000 crore via rights issues. Both are also considering stake sales in their tower units to raise further cash. All three telcos are trying to strengthen their balance sheets also by reducing debt amid continuing need to invest in their 4G networks besides preparing for the upcoming spectrum auction where 5G airwaves will be up for sale for the first time.
Jio has a right to use the tower and fibre assets, for which it has started paying the trust. “This has resulted in recognising a right-of-use asset and a corresponding lease liability of Rs 6,633 crore as at 1st April 2019,” Jio said. Anshuman Thakur, Jio’s strategy head, said Jio’s long-term lease was “capitalised”.
Reliance Jio Infratel’s portfolio of 170,000 towers tops those of Bharti Infratel and Indus Towers, which together have 163,000 towers. Jio acquired 45,000 towers from Reliance Communications and built the rest.
Bank of America Merrill Lynch estimates that of the 125,000 towers built by Jio, around 40,000 were predominantly monopoles and would not support other tenants unless incremental capex was made. But the assets are likely to generate a 12-13% return based on the tenancy lease assumptions.
India’s tower landscape is dominated by three players — Jio Infratel, Bharti Infratel-Indus and American Tower Corporation — who control about 90% of tenancies.
Analysts expect 900 million 4G users on an average consuming 12 GB of data and that most of the data demand is set to be met using towers rather than by small cells or in-building solutions, making the deal timely.
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