News Worms
News Worms


ATC to buy tower businesses of Voda, Idea for Rs 7850 crore

ATC to buy tower businesses of Voda, Idea for Rs 7850 crore

The two companies have also said they will look at selling their holdings in Indus, the country's biggest mobile masts operator with 123,000 towers, which is jointly owned with an affiliate of rival network operator Bharti Airtel.

Idea Cellular board has approved the sale of subsidiary Idea Cellular Infrastructure Services Limited (ICISL), its standalone tower business to ATC Telecom for an enterprise value of Rs 4,000 crore. "The parties will work together to further the expansion of high speed mobile networks in India", the companies said.

Idea will use proceeds from the tower sale to expand 4G coverage as well, Himanshu Kapania, the carrier's managing director, said by phone Monday. Ltd for about $1.2 billion.

Both Idea and Vodafone are inching closer to completing a $23 billion merger that is set to create India's largest mobile phone company that leapfrogs Bharti Airtel. Reliance Jio, in which Ambani has invested $20 billion, launched its services in September.

Shares of Idea Cellular lost 3.6% in Mumbai trading, while the benchmark S&P BSE Sensex closed down 0.84%. Its offers of free voice calls and data plans, which continued for months, eroded the revenue and profits of competitors such as Idea and Bharti.

The tower business will be sold at an enterprise value of 40 billion rupees ($613 million) to ATC Telecom Infrastructure Pvt Ltd, a unit of American Tower Corp, Idea Cellular said in a statement.

Vodafone and Idea have a combined portfolio of around 20,000 towers with a combined tenancy ratio of 1.65x as at 30 June 2017.

Vodafone will net $592m from the deal with Indian partner Idea Cellular receiving $615m. Completion of the transaction is subject to customary closing conditions and receipt of necessary regulatory approvals, and is expected to take place during the first half of calendar year 2018.

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