Jio hires trio for fibre sale

Reliance Jio Infocomm has reportedly appointed three banks – Moelis, Citi and ICICI Securities to approach potential investors across the Americas, Middle East, Asia and Australia for its optic fibre InvIT (infrastructure investment trust), which is expected to be valued US$6bn to US$8bn.

According to the Economic Times report, Jio is in the process of demerging the fibre assets into a separate company which could then be monetised via a sale and leaseback or InvIT structure. However, it is keen to continue as the sponsor of InvIT with retaining a minimum 15% stake in it. In that case, the remaining 85% will be sold to five global investors.

Potential investors are thought to be Canada Pension Plan Investment Board (CPPIB), Caisse de Dépôt et Placement du Québec (CDPQ), Abu Dhabi Investment Authority, Qatar Investment Authority, Kuwait Investment Authority, Kingdom Holdings, Khazanah, Allianz and Macquarie among others.

Jio is expecting to complete the transaction by the middle of the new financial year.

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Published on 15.05.2019
Published on 15.05.2019
Published on 15.05.2019
Published on 15.05.2019