CCI Approves Subscription Of Units Of Tower Infrastructure Trust By A Host Of Companies

New Delhi: The Competition Commission of India (CCI) has approved the subscription of units of Tower Infrastructure Trust (‘InvIT’) by BIF IV Jarvis India Pte. Ltd, British Columbia Investment Management Corporation, Anahera Investment Pte. Ltd and Valkyrie Investment Pte. Ltd. 

The proposed combination involves subscription of units of InvIT by Jarvis, Anahera, BCI and Valkyrie, a statement by the government said.

Jarvis, part of the Brookfield Group, that is, entities directly and indirectly controlled by Brookfield Asset Management Inc., is currently not engaged in any activity in India. 

BCI has no direct physical presence in India and it currently does not offer any products or services in India. BCI holds controlling interest in certain portfolio companies which have direct, or indirect operations, or sales presence in India. 

Anahera is a foreign portfolio investor registered under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014.

Valkyrie is a foreign venture capital investor registered with the SEBI under the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000. 

Both Anahera and Valkyrie are wholly-owned subsidiaries of GIC Infra Holdings Pte. Ltd.

The InvIT was set up with the objective of making investments (directly or indirectly) in the infrastructure sector. Presently, the InvIT holds 51 percent of equity share capital of Reliance Jio Infratel Private Ltd which is engaged in the business of providing passive tower infrastructure services.