Tower Infrastructure Trust ('Tower InvIT/Trust') was set up by Reliance Industrial Investments and Holdings Limited on 31 January 2019, as a contributory irrevocable trust under the provisions of the Indian Trusts Act, 1882. The Trust was registered as an infrastructure investment trust under Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 ('SEBI InvIT Regulations') on 19 March 2019, having registration number IN/InvIT/18-19/0009. The investment objectives of the Trust are to carry on the activities of an infrastructure investment trust, as permissible under the SEBI InvIT Regulations and as stated in the private placement memorandum dated 31 August 2020 which includes the following:a. To raise funds in accordance with applicable law, for the purpose of attaining the investment objectives and purpose of the Trust, b. To make investments or re-investments in accordance with the Indenture of Trust dated 31 January 2019, the Investment Management Agreement dated 25 September 2020, the Project Implementation and Management Agreement dated 13 January 2020 and any other document with respect to the Trust or the units thereof (collectively referred to in the private placement memorandum as InvIT Documents) and applicable law and c. To make distributions to the unit holders in the manner set out in the Indenture of the Trust dated 31 January 2019. The Trust has only one asset, comprising SDIPL which is engaged in Tower Infrastructure Business. The Tower Infrastructure Business was transferred from Reliance Jio Infocomm Limited ('RJIL') to SDIPL by way of a slump sale on a going concern basis under a scheme of arrangement with effect from 31 March 2019. On 31 March 2019, the Trust, acting through the Trustee, has acquired 51% of the issued and paid-up equity share capital of Summit Digitel Infrastructure Private Limited [formerly known as Reliance Jio Infratel Private Limited] ('SDIPL'), pursuant to the Share Purchase Agreement dated 31 March 2019. Further, the Trust has acquired remaining 49% of the equity share capital of SDIPL on 31 August 2020. SDIPL is engaged in the business of setting up and maintaining passive tower infrastructure and related assets, and providing passive tower infrastructure services ('Tower Infrastructure Business'). SDIPL is the Trust's first investment in complete and revenue generating infrastructure projects. As on 31 March 2021, the Trust owns 100% of the issued equity share capital of SDIPL. The Trust has issued 2,52,15,00,000 units at an Issue Price of Rs. 100 each aggregating to Rs. 2,52,150 Million on 31 August 2020 and the units of Tower InvIT are listed on BSE Limited w.e.f. 01 September 2020. Pursuant to the issuance and listing of units of the Trust, this report is considered as the First Annual Report of Tower InvIT. As one of the largest telecom infrastructure providers, SDIPL truly believes in building, nurturing, and strengthening partnerships with its stakeholders. Since SDIPL has embarked on this journey, the strategic tower footprints and superior backhaul connectivity have been areas of excellence and one of the key USPs. In December 2020, the company signed a term sheet to commence business with one of the largest mobile network operators in the country. In addition to this, SDIPL is also exploring the opportunity to collaborate with other MNOs and various other internet service providers to open the doors for leasing on its extensive existing asset base.