INSUBCONTINENT EXCLUSIVE:
Mumbai: State Bank of India, Bank of Baroda and HDFC Bank are among those set to receive more than a third of the Rs 25,000 crore that
Reliance Jio Infratel, the telecom tower business of Reliance Industries, plans to raise through a listing of the business as an investment
trust, four people familiar with the matter said.
Reliance Industries (RIL), which is deleveraging the business by monetising some assets
including the telecom business, is also likely to receive nearly Rs 10,000 crore from the listing as the trust is likely to repay some loans
given by the parent company, the people said.
The transaction, which is likely to be completed before the end of the current fiscal year,
Bank and Axis Bank before the end of the fiscal year.
In July, RIL said that Brookfield had agreed to invest Rs 25,215 crore to buy Reliance
SBI ( Rs 7,000 crore) has the largest exposure, while BoB has Rs 3,000 crore and HDFC Bank Rs 1,500 crore
The loans given out by other banks named earlier could not be independently ascertained.
RIL did not reply to an email seeking comment
is that RIL debt comes down and is transferred to an SPV
The money thus raised will be used for working capital and for putting up more towers
These towers are predominantly ground-based with the ability to host multiple tenants, fibre-backhaul and battery back-ups.
The listed trust
and the SPV could borrow on their books for future investments and that could run into thousands of crores of rupees, but it would not be a
The whole process could be completed by early March