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Reliance to divest Jio’s tower assets for $3.5 billion

BENGALURU: Reliance Industries on Monday said its unit had inked binding agreements with Brookfield Infrastructure Partners LP for an investment of 252.15 billion rupees($3.51 billion).

Reliance Industrial Investments and Holdings Ltd will sell its telecoms arm, Jio’s tower assets to Brookfield and its partners, the company, controlled by Asia’s richest man Mukesh Ambani, said.

Reliance Jio Infocomm Limited (“Jio”), a subsidiary of Reliance Industries Limited (“RIL”), has built a world-class all-IP data strong future proof network with latest 4G LTE technology.

About Reliance Industries Limited

RIL is India’s largest private sector company, with a consolidated turnover of INR 622,809 crore ($90.1 billion), cash profit of INR 64,478 crore ($ 9.3 billion), and net profit of INR 39,588 crore ($5.7 billion) for the year ended March 31, 2019.

RIL’s activities span hydrocarbon exploration and production, petroleum refining and
marketing, petrochemicals, retail and digital services.

RIL is the top most ranked company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 106th in terms of both revenues and profits. The company stands 71st in the ‘Forbes Global 2000’ rankings for 2019 – top-most among Indian companies. It ranks 10th among LinkedIn’s ‘The Best Companies to Work For In India’ (2019).

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