Brookfield eyes stake in Jio’s tower, fibre assets; CDC, Mirae may back BigBasket
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Canadian alternative asset manager Brookfield Asset Management is in early-stage discussions to pick up a controlling stake in Reliance Jio Infocomm Ltd’s telecom tower and fibre business valued at over $15 billion (Rs 1.07 lakh crore), The Times of India reported.

Citing people aware of the development, the report said Jio plans to take certain infrastructure assets out of the balance sheet as part of a plan to cut debt.

In December last year, Reliance Jio decided to hive off fibre and tower businesses into separate companies.

If a deal goes through, this would be the second transaction between Brookfield and a company led by billionaire Mukesh Ambani. In September 2018, VCCircle reported that an infrastructure investment trust (InvIT) sponsored by Brookfield was in talks to acquire a 1,400-km gas pipeline owned by a privately held company of Ambani.

Meanwhile, online grocer BigBasket is set to raise $150 million in a fresh funding round led by existing investor Alibaba at a pre-money valuation of $1 billion, The Economic Times reported.

Citing four people aware of the development, the report said the new investors participating in the round include UK government-owned development financial institution CDC Group and South Korea’s Mirae Asset Global Investments.

The investors have started due diligence for the funding, according to the report.

In February last year, SuperMarket Grocery Supplies Pvt Ltd, which owns the BigBasket brand, had raised $300 million (around Rs 1,921 crore) in a Series E round of funding led by Chinese e-tailer Alibaba.

SuperMarket Grocery posted a 35% rise in operating revenue to Rs 1,583 crore for the financial year 2017-18. Its consolidated net loss narrowed from Rs 659 crore to Rs 272 crore during the period.

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