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$3.66bn Brookfield buy into RIL towers draws AZB, CAM, Khaitan into largest PE investment ever (Jun ‘19)

Canadian investment firm Brookfield Asset Management Inc. will invest Rs 25,215 crore ($3.66 billion) in Reliance Industries Ltd’s telecom tower assets in the single-biggest private equity deal ever in India.

VCCircle

The funds will be invested in a to-be-issued InvIT by Tower Infrastructure Trust.

AZB & Partners advised Brookfield Asset Management on the deal, with Delhi corporate partner Gautam Saha advising the fund on the acquisition, and Delhi capital markets partner Madhurima Mukherjee advising Brookfield on infrastructure investment trust (InvIT) of the deal.

Cyril Amarchand Mangaldas partners Yashojit Mitra and Kranti Mohan advised Reliance Industries Limited on the deal.

Update 11 December 2020: Khaitan & Co advised British Columbia Investment Management Corporation led by a team of partner Siddharth Shah, partner Anuj Shah, partner Aashutosh Sampat, partner Vivek Mimani, partner Shantanu Gupta, associate Gokul Thampi, associate Khusboo Agarwal and associate Utsav Lohia. Anti trust aspects involved partner Anisha Chand, associate Anmol Awasthi and associate Arvind Pillai. Tax aspects were handled by partner Bijal Ajinkya and principal associate Rahul Jain.

Khaitan & Co also advised Tower Infrastructure Trust (the InvIT sponsored by Reliance and Brookfield) on the private placement of its units, led by a team of executive director Sudhir Bassi, partner Abhimanyu Bhattacharya, principal associate Navodita Gupta, senior associate Vijayaraghavan and associate Adrika Dhawan.

The deal is larger than Flipkart’s $2.4bn round from Softbank in 2017, and Brookfield’s $1.9bn consortium acquisition of a RIL gas pipeline (on which AZB had acted for Reliance).

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