Brookfield Infrastructure and its partners have received government approval to go ahead with their purchase of Reliance Jio’s tower assets for $3.4 billion.
The acquisition includes approximately 135,000 newly built communication towers. After Reliance launched Jio, it's highly successful telecom service for 4G in 2017, the telecom business has grown significantly in India. Reliance has since become the largest telecom service provider in the country.
Mukesh Ambani, the owner of Reliance, has set the goal of making the company net-debt free, and this approval is a major step towards achieving that objective.