Reliance Communications (RCom) on Thursday said that it has incorporated a new subsidiary, called Towercom Infrastructure Private Limited (TIPL).
“We would like to inform that the Company has incorporated a new subsidiary named “Towercom Infrastructure Private Limited” on November 17, 2016, having registered office in Mumbai,” the company said in a statement to stock exchanges.
The company said that TIPL will be an Infrastructure company, which is yet to commence its business operations. It added that the new subsidiary has been formed with a subscribed and paid up capital of Rs 1,00,000.
The latest development follows RCom’s divestment of 51% stake in Reliance Infratel for Rs11,000 crore to Canada’s Brookfield Infrastructure Group. The Anil Ambani-led telco had then said that its tower unit Reliance Infratel will transfer its assets and related infrastructure into a special purpose vehicle (SPV), which will be majority held by Brookfield, while the Indian company holding 49%.
Reliance Infratel is 96% owned by Reliance Communications, while the 4% is held by minority and institutional investors such as George Soros’ Quantum (M), NSR Partners, Galleon, HSBC Daisy Investment (Mauritius), Drawbridge Towers, Investment Partners B (Mauritius) — which invested $287 million in 2007 — will be a part of balance 51% to be held jointly with Brookfield, according to reports.
Brookfield, which is the world’s second-biggest manager of alternative assets such as real estate and private equity, is currently looking to acquire as much as 40% in Bharti Infratel –India’s second-largest telecom tower company, according to an Economic Times report.