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$3.66bn Brookfield buy into RIL towers draws AZB, CAM into largest PE investment ever

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.

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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.

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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