India Infrastructure Trust, an InvIT set up by Brookfield as sponsor and 90% investor, will invest ₹13,000 crore to acquire the loss-making unit.
The company has decided to demerge its fibre and tower assets into two separate units for more flexibility in leasing out the assets.
RIL operates its retail business through Reliance Retail Ventures, the holding company for Reliance Retail and Reliance Brands. The latter operates JVs with international brands.
The acquisition includes an 11.15% stake in the United Kingdom Oil Pipeline, a 45% share in the Kingsbury Terminal and 100% in the Northampton Terminal.
The funds will be raised across tranches through optionally convertible preference shares.
Currently, GSPC owns a 50% stake in the project, while Adani group holds 25%.
Piramal’s interest comes at a time when many listed NBFCs have lost significant market value on growing concerns around asset-liability mismatches.
SBI along with other banks had advanced credit facilities to VOVL and its offshore subsidiary IBV Brasil Petroleo Ltd.
In June, RIIHL had invested $16 million in the startup that focuses on fleet management.
Invenire Energy is backed by a consortium of private equity firms for the potential deal.