Reliance Jio tower unit to get Rs 25k cr from Brookfield, other investors; Check Q1FY19-20 results
The RIIHL is the sponsor of the Tower Infrastructure Trust and it currently holds 51 per cent of the issued and paid up equity share capital of Reliance Jio lnfratel.
Reliance Industrial Investments and Holdings Ltd. (RIIHL) has entered into an agreement with BIF IV Jarvis India Pte Limited, an affiliate of Brookfield Asset Management Inc for an investment of Rs 25,215 crore in Reliance Jio lnfratel Pvt. Ltd. (RJIPL), according to RIL's regulatory filing with BSE. After this investment, Canada-based Brookfield and the other investors would get 49 per cent stake in RJIPL. Notably, RIIHL is a wholly-owned subsidiary of the RIL.
Reliance Industries said, "Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Limited, has entered into an agreement with BIF IV Jarvis India Private Limited, an affiliate of Brookfield Asset Management Inc for an investment by Brookfield (along with coinvestors) of Rs 25,215 crore in the units proposed to be issued by the Tower Infrastructure Trust."
The RIIHL is the sponsor of the Tower Infrastructure Trust and it currently holds 51 per cent of the issued and paid up equity share capital of Reliance Jio lnfratel to which the tower assets undertaking of Reliance Jio lnfocomm was transferred as a going concern pursuant to a scheme of arrangement sanctioned by NCLT, Ahmedabad bench.
The company said that proceeds from the investment by Brookfield will be used to repay certain existing financial liabilities of Reliance Jio Infratel.
RJio's standalone Q1 net profit up 45.6%
Reliance Jio Infocomm today reported a 45.6 per cent increase in its standalone net profit for the quarter-ended June 30 of the financial year 2019-20, on an year-on-year basis. The standalone net profit for the first quarter (Q1) of the current fiscal rose to Rs 891 crore, up from Rs 612 crore reported during FY 2018-19, said the company in a regulatory filing with the BSE.
The company reported a standalone revenue from operations of Rs 11,679 crore during the quarter under review, 44 per cent higher from Rs 8,109 crore during the same quarter of the previous fiscal.
As on June 30, 2019, subscriber base of the company stood at 331.3 million, adding that the Average Revenue Per User (ARPU) during the quarter ended June 30 was Rs 122.
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RIL Q1FY19-20 consolidated net profit up 6.8% to Rs 10,104 cr
Reliance Industries (RIL) today reported 6.8 per cent increase in its consolidated net profit for the quarter ended June 30 of financial year 2019-20, on a year-on-year (YoY) basis. The company`s consolidated net profit (attributed to the owners of the company) during the first quarter of FY 2019-20 rose to Rs 10,104 crore, against Rs 9,459 crore reported during the corresponding period of the previous fiscal, according to the company's regulatory filing with the BSE.
RIL reported consolidated revenue of Rs 1,72,956 crore during the quarter under review, up 22.1 per cent from Rs 1,41,699 crore on a YoY basis. The growth in revenue was led by sharp increase in revenue from "Digital Services and Retail business", which recorded an increase of 55 per cent YoY and 48 per cent YoY respectively, the company said.
On a standalone basis, the RIL reported a rise of 2.4 per cent on a YoY basis to Rs 9,036 crore from Rs 8,820 crore reported during the corresponding period of the previous fiscal.
Meanwhile, Reliance retail`s revenue for Q1 FY20 grew by 47.5 per cent YoY to Rs 38,196 crore as against Rs 25,890 crore in the corresponding period of the previous year. Reliance Retail operated 10,644 stores across 6,700 plus towns and cities, with an area of 23 million sq.ft.
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