By Ben Otto

A group of investors led by Singapore sovereign wealth fund GIC Pte. Ltd. and Brookfield Infrastructure Partners L.P. has acquired a telecom tower company from a unit of India's Reliance Industries Ltd. for $3.4 billion.

The tower company, with a portfolio of about 135,000 recently built towers across India, forms the telecommunications network of Reliance Jio Infocomm, a mobile operator unit of Indian telecom giant Jio Platforms, GIC said in a statement Tuesday.

The network will eventually expand to include 175,000 towers, GIC added.

"The portfolio offers resilient income and long-term value given India's attractive data demand growth outlook as 4G and smartphone penetration is still very low," said Ang Eng Seng, GIC's chief investment officer for infrastructure. "While we remain cautious in this period of high uncertainty, we continue to seek good, long-term opportunities in India." 



  Write to Ben Otto at ben.otto@wsj.com