Vodafone India and Idea Cellular have agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure Ltd (American Tower) for Rs 7,850 crore. In a BSE filing, Idea Cellular said it will sell its 100 per cent stake in Idea Cellular Infrastructure Services Ltd (ICISL) to ATC. India’s second largest telecom operator Vodafone India will sell its business undertaking to ATC Infra.
“The standalone tower business of Idea and Vodafone India are pan India passive telecommunication infrastructure business, comprising combined portfolio of approximately 20,000 towers with combined tenancy ratio of 1.65x as of 30th June 2017,” it said in filing with stock exchanges
As carried in BT