BCI to invest in Indian Telecom Towers With Global Partners
British Columbia Investment Management Corporation
British Columbia Investment Management Corporation, alongside Brookfield Infrastructure Partners L.P. and its institutional partners, have acquired a 100 per cent stake in a telecom tower company in India from Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Limited.
The investment comprises a portfolio of around 135,000 communication towers which forms Reliance Jio Infocomm Limited’s (“Jio”) telecommunication network. The towers were recently constructed and strategically located for cellular network coverage across India.
More towers are planned, increasing the total number of towers in the transaction perimeter to approximately 175,000, building a robust telecommunications market within the country. Jio is the anchor tenant of the tower portfolio under a 30-year Master Services Agreement, which will provide the tower company with a secure, long-term source of revenue.
The total equity commitment for the transaction is approximately US$3.4 billion.
“For BCI and our clients, this investment is well aligned with our long-term strategy of investing in high quality companies and assets that fulfill essential needs of the communities in which they operate,” said Lincoln Webb, executive vice president & global head of BCI’s infrastructure & renewable resources program. “Data services are increasingly critical to societies and economies in today’s world — promoting both opportunity for individuals and potential innovation for local communities. BCI is excited by the opportunity to invest in infrastructure that will play a vital role in enabling India’s continued economic growth.”