RIL acquires 100% stake in Reliance Infratel for Rs.3,725-Cr

Publicly listed Reliance Industries Limited (RIL), via its unit Reliance Projects and Property Management Services Ltd (RPPMSL), has completed a 100% stake acquisition of Anil Ambani group promoted telecom infrastructure provider Reliance Infratel (RITL) for about INR 3,725 crore, under the insolvency & bankruptcy code route. RITL is a private telecom infrastructure providers and the acquisition is synergetic with the telecommunications operations of Reliance Jio Infocomm Limited, subsidiary of RIL. RITL's turnover for FY 2022, FY 2021 and FY 2020 was INR 1,186 crore, INR 1,208 crore and INR 1,322 crore, respectively.