Brookfield Infrastructure Partners on Monday said it was acquiring a 100 per cent stake in a telecom tower arm of Reliance Industries Ltd (RIL).

The global infrastructure company and its partners, will buy the entire stake in a telecom tower company from Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly owned subsidiary of RIL. The total equity requirement will be $3.7 billion, with Brookfield investing around $375 million and the balance funded by its institutional partners.

Reliance Jio had earlier transferred its optical fibre and tower undertakings to two separate units, operating as independent entities with the transfer of control to Sebi-registered infrastructure investment trusts (InvITs)

In July, Reliance had announced that RIIHL has entered into an agreement with BIF IV Jarvis India Pte Ltd, an affiliate of Brookfield, wherein the latter along with co-investors will put in Rs 25,215 crore in the units proposed to be issued by the tower infrastructure trust. The proceeds from the investment by Brookfield will be used to repay financial liabilities.

In a separate announcement, RIL said RIIHL has entered into binding agreements with Brookfield and its institutional partners for an investment of Rs 25,215 crore in the units to be issued by the tower infrastructure trust. RIIHL is the sponsor of Tower Infrastructure Trust.The trust will own 100 per cent of the issued and paid-up equity share capital of the tower unit.