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Home Banking & Finance

CCI approves Brookfield led investments in Reliance unit

Fiinews by Fiinews
January 20, 2020
in Banking & Finance, Industry Sectors, Investment, Projects
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Foreign investors venture via InvIT

 

Reliance jio

 

The Competition Commission of India (CCI) approves subscription of units of Tower Infrastructure Trust (InvIT) by BIF IV Jarvis India Pte Ltd, British Columbia Investment Management Corporation (BCI), Anahera Investment Pte Ltd and Valkyrie Investment Pte Ltd under Section 31(1) of the Competition Act, 2002, on 20 Jan 2020.

The proposed combination entails subscription of units of InvIT by Jarvis, BCI, Anahera and Valkyrie.

Jarvis, part of the Brookfield Group entities directly and indirectly controlled by Brookfield Asset Management Inc, is currently not engaged in any activities in India.

BCI has no direct physical presence in India and it currently does not offer any products or services in India. BCI holds controlling interest in certain portfolio companies which have direct, or indirect operations, or sales presence in India.

Anahera is a foreign portfolio investor registered under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014, while Valkyrie is a foreign venture capital investor registered with the SEBI under the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000.

Both Anahera and Valkyrie are wholly owned subsidiaries of GIC Infra Holdings Pte Ltd, a Singapore investment company.

The InvIT was set up with the objective of making investments (directly or indirectly) in the infrastructure sector, said the Corporate Affairs Ministry on 20 Jan 2020.

Currently, the InvIT holds 51% of the equity share capital of Reliance Jio Infratel Private Limited, which is engaged in the business of providing passive tower infrastructure services in the country. fiinews.com

Tags: Ministry of Corporate Affairs
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