New Delhi,
\nTelecom infrastructure firm American Tower Corporation and Vodafone India said they have completed the Rs 3,850 crore deal under which ATC has bought the mobile operator\u2019s tower business.<\/p>\n
\u201cVodafone India has completed the sale of its standalone tower business in India to ATC Telecom Infrastructure Private Limited for an enterprise value of Rs 38.5 billion,\u201d the mobile operator said in statement.<\/p>\n
ATC had signed a pact last November to acquire around 20,000 mobile towers of Vodafone and Idea Cellular for total value of around Rs 7,850 crore.<\/p>\n
\u201cWe are pleased to acquire this portfolio, which will complement our existing footprint and help us serve our tenants in India as they expand 4G services in the coming years,\u201d ATC\u2019s EVP and President, Asia, Amit Sharma said.<\/p>\n
The purchase of Vodafone mobile towers adds nearly 10,200 sites to the existing Indian portfolio of 58,000 mobile towers of ATC.<\/p>\n
The completion of this deal brings the Idea and Vodafone merger a step closer. The closure of Rs 4,000-crore mobile tower sale deal between ATC and Idea is now awaited.<\/p>\n
According to government sources, the merger of Idea and Vodafone is likely to be cleared after the closure of Idea-ATC deal.<\/p>\n
\u201cWe expect regulatory processes to be completed by end of this month (for closure of deal with Idea). The Department of Telecom is driving it. We are hopeful of completing the deal by May,\u201d Sharma said.<\/p>\n
Vodafone said the company along with Idea announced their intention to sell their individual standalone tower businesses to strengthen the combined financial position of the merged entity.<\/p>\n
\u201cThe merger is expected to complete in the first half of the current calendar year,\u201d Vodafone said.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi, Telecom infrastructure firm American Tower Corporation and Vodafone India said they have completed the Rs 3,850 crore deal under which ATC has bought the mobile operator\u2019s tower business. \u201cVodafone India has completed the sale of its standalone tower business in India to ATC Telecom Infrastructure Private Limited for an enterprise value of Rs […]<\/p>\n","protected":false},"author":1,"featured_media":26895,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-26894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=26894"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26894\/revisions"}],"predecessor-version":[{"id":26896,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26894\/revisions\/26896"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/26895"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=26894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=26894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=26894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}