Cyril Amarchand Mangaldas has represented India’s Reliance Group on the $3.4 billion sale of its Tower Infrastructure Trust to British Columbia Investment Management Corporation (BCI), Brookfield Infrastructure and GIC.

Khaitan & Co. AZB & Partners and Nishith Desai Associates advised the buyers.

Tower Infrastructure Trust is an infrastructure investment trust sponsored by Reliance Industrial Investment and Holdings, which holds a portfolio of more than 170,000 telecommunication towers across India, and controls 100 percent of Reliance Jio Infratel.

According to Reuters, the investment by the group is for around 135,000 communication towers used by Reliance’s telecoms venture Jio Infocomm.

The deal was signed in December and had been awaiting regulatory approval. Since then, Mukesh Ambani-controlled Reliance has been selling stakes in Jio to cut debt, divesting stakes to companies like technology giants Facebook and Google, among others.

Partners Siddharth Shah, Anuj Shah, Aashutosh Sampat, Vivek Mimani, Shantanu Gupta, Anisha Chand and Bijal Ajinkya led the Khaitan team on the deal.

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