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Follow on Google News | RCOM Incorporates New Subsidiary Called TIPLBy: Reliance Group "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 notification to stock exchange. "TIPL will be an Infrastructure company, which is yet to commence its business operations." Reliance Communications had announced the signing of a non-binding pact with Brookfield Infrastructure Group for the divestment on October 20. It was then informed that Reliance Infratel will transfer its assets and related infrastructure into a "special purpose vehicle (SPV)", that will be held majorly by Brookfield, and the Indian company will hold 49%. Currently RCOM holds 96% share in Reliance Infratel, and the rest 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. This will be a part of balance 51% to be held jointly with Brookfield. Through this deal, RCOM will continue as an anchor tenant on the tower assets, under a long-term MSA (master services agreement), for its integrated telecommunications business. The deal valued the tower assets of RCom at over Rs21,500 crore. Brookfield enjoys the status of world's second largest manager of alternative assets such as real estate and private equity. Post investing $2 billion in India since 2009-10 when it set up its local office, Brookfield is now planning to invest $2 billion more in the country over the next two-three years to buy out upscale offices and commercial towers, stranded roads, power and utilities infrastructure. Currently Brookfield is planning to acquire as much as 40% in Bharti Infratel, which is India's second-largest telecom tower company. Reference link: http://telecom.economictimes.indiatimes.com/ End
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