Voda, Idea to sell tower assets to ATC for Rs 7850 crore

Telecom sector

Telecom sector

In the event that the completion of the sale of the standalone tower businesses precedes the completion of the proposed merger of Vodafone India and Idea, Vodafone India will receive Rs 3,850 crore ($592 million) and Idea will receive Rs 4,000 crore ($615 million). Both companies jointly own about 20,000 towers with tenancy ratio of 1.65 as of June 30, 2017, the firms said in a statement. "We remain committed to playing our due role in enabling Digital India by fulfilling the evolving needs of increasing volumes, speed and connectivity solutions from both retail and enterprise customers", Sunil Sood, managing director and chief executive, said in a statement on Tuesday.

After Vodafone India and Idea complete their merger, 6,300 company-located tenancies of the two operators on the combined standalone tower businesses will collapse into single tenancies over a period of two years without the payment of exit penalties.

Idea and Vodafone Group's India unit are on track to merge operations in a deal valued at $23 billion, possibly creating the country's biggest telecom player.

Canada's Brookfield, which called off talks to buy a stake in struggling Indian network operator Reliance Communications masts arm, has said it is open to acquiring the business under revised terms, while it looks at other potential opportunities in the India.

Idea and Vodafone's Indian unit are now merging in a move that will see them overtake Airtel as India's largest telecoms operator with more than 400 million subscribers.

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"We expect the addition of these two high-quality portfolios.to contribute to long-term leasing growth as India's leading mobile operators accelerate their 4G network deployments", said Jim Taiclet, CEO, American Tower Corporation.

The entry of Reliance Jio in the telecom sector has led to a wave of consolidation as the financials and margins of existing players have come under vast pressure.

Last month Airtel reported that its consolidated net profit for the quarter ending September had fallen 77 percent on-year.

Idea Cellular Ltd., incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 33348.33 Crore) operating in Telecommunications sector.

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