AZB & Partners has advised Canada’s Brookfield Asset Management on its agreement to invest 252 billion rupees ($3.7 billion) in Reliance Industries’ telecom tower assets, with Cyril Amarchand Mangaldas advising the sellers.

This is believed to be the single-biggest private equity deal ever in India. It will give the Canadian alternative assets manager and its partners 100 percent of India’s largest telecom tower company, with 170,000 towers through Tower Infrastructure Trust.

This is the second investment this year that Brookfield is making in a venture controlled by Reliance chairman Mukesh Ambani. In March, it agreed to buy the loss-making East-West Pipeline (EWPL), earlier known as Reliance Gas Transportation Infrastructure, for 130 billion rupees. AZB advised EWPL on that deal.

The AZB team on the tower deal was led by partners Gautam Saha and Madhurima Mukherjee.


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