Top Indian firms lead in country’s largest-ever PE deal

A Canadian investor has agreed to invest US$3.7bn into a high-profile business

Top Indian firms lead in country’s largest-ever PE deal

Two leading Indian firms have acted in the largest-ever private equity deal in the country.

AZB & Partners advised Canada’s Brookfield Asset management, which is leading the consortium that has agreed to buyout Reliance Industries’ Reliance Jio Infratel unit for US$3.7bn. Cyril Amarchand Mangaldas is advising the sellers.

Reliance Jio Infratel was 51% owned by the consortium before the buyout was announced. The unit is the largest owner of telecoms towers in India, with 170,000 towers across the country.

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The AZB team that advised Brookfield on the deal was headed by partners Gautam Saha and Madhurima Mukherjee.

Brookfield also invested earlier this year in another venture controlled by the billionaire Mukesh Ambani, who is Reliance’s chair. The private-equity investor bought the troubled East-West Pipeline, earlier known as Reliance Gas Transportation Infrastructure, for US$1.8bn.

AZB was also involved in that deal, which was the first instance of a private pipeline being monetised in India. The firm advised Reliance in that deal, with Shardul Amarchand Mangaldas advising Brookfield.

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