Deal Closed | Investment in Fibre Trust AIDA | Reliance Industries Limited

The details of the deal are as under:

Sector: Telecom Fiber Infrastructure 

Announcement Date: 30 October 2020             

Completion Date: 29 October 2020 

Name of Client and contact details: 

• Reliance Industries Limited; 
• Reliance Industrial Investments and Holdings Limited; 
• Digital Fibre Infrastructure Trust; 
• Reliance Jio Infocomm Limited; and  Reliance Projects 
• Property Management Services Limited (collectively the “Reliance Group”).  

Deal Description: Khaitan & Co acted as Reliance group co-counsel in respect of the investment in the Fibre Trust by Abu Dhabi Investment Authority (ADIA) and Public Investment Fund of Saudi Arabia (PIF).  

Assisted Reliance Industrial Investments and Holdings Limited (“RIIHL”) and Digital Fibre Infrastructure Trust (“Fibre Trust”) in the following lending transactions: 

(a) Rupee term loan of INR 25000 crore availed by the Fibre Trust 

(b) Rupee term loan of INR 24720 crore availed by Jio Digital Fibre Private Limited (“JDFPL”) from the Fibre Trust. 

(c) Rupee term loan of INR 14706 crore availed by JDFPL from the Fibre Trust.  

Assisted Reliance Jio Infocomm Limited (“RJIL”) and Reliance Projects & Property Management Services Limited (“RPPMSL”) in the project finance agreements namely the Fibre and Duct Use Agreement, Operation and Maintenance Agreement and Project Execution Agreement between RJIL or RPPMSL, as applicable, JDFPL and other stakeholders. 

Assisted Reliance Industries Limited and RIIHL in drafting the Shareholders and Option Agreement between the Fibre Trust, JDFPL, Infinite India Investment Management Limited, Reliance Industries Limited and RIIHL 

Total Consideration: INR 39706 crore (USD 5.3 billion) 

Team Members: Rahul Dutt (Partner), Manisha Shroff (Partner), Rolwine Alva (Principal Associate), Kapish Mandhyan (Principal Associate), Enakshi Jha (Associate), Sonakshi Faujdar (Associate) advised on the banking and finance aspects. 

Rahul Dutt (Partner), Ashraya Rao (Partner), Kapish Mandhyan (Principal Associate), Abhinav Chandan (Counsel) and Tanvi Dabir (Associate) advised on the corporate laws, shareholders agreement and project documents aspects of the transaction. 

Role of Firm: Reliance Group Co-Counsel  

Other legal advisors if any: Cyril Amarchand Mangaldas, Mumbai, acted as co-counsel and assisted and advised the client on all aspects of the transaction. AZB & Partners advised ADIA. Shardul Amarchand Mangaldas advised PIF.