Vodafone India, Idea to sell tower business to ATC

Idea Cellular, Vodafone to sell tower businesses to ATC Telecom for ...

Idea Cellular, Vodafone to sell tower businesses to ATC Telecom for ...

Through a BSE filing on Monday, Idea and Vodafone stated the pan-Indian telecom tower business comprising 20,000 towers with c combined tenanct ratio of 1:1.65 will be sold to ATC, formerly known as Viom.

The company - which is headed for a merger with Vodafone India - had reported a net profit of Rs 91.5 crore in the July-September quarter of the last fiscal.

Idea Cellular has received an approval for sale of the company's standalone tower business held by its wholly-owned subsidiary, Idea Cellular (Q,N,C,F)* Infrastructure Services (ICISL) to ATC Telecom Infrastructure.

Earlier this year, Vodafone India and Idea had agreed to merge their operations to create the country's largest telecom operator worth of more than Dollars 23 billion with a 35 per cent market share.

This is part of Vodafone and Idea's planned merger.

Besides, the depreciation and amortisation charge increased to Rs 2,114.3 crore and interest and financing cost rose to Rs 1,182.9 crore as the company continued to aggressively invest in expanding its 4G footprint, the statement added.

India, the world's No.2 mobile phone market, has been rattled by the aggressive pricing of Jio, the telecoms arm of billionaire Mukesh Ambani-controlled Reliance Industries.

The deal is expected to be completed by the first half of 2018.

"Both Vodafone India and Idea as customers, and American Tower Corp as a mobile network infrastructure provider, have agreed to treat each other as long-term preferred partners, subject to existing arrangements", Vodafone India and Idea Cellular said in a joint statement. The company's consolidated revenue for the quarter came in at Rs 7,460.5 crore, registering 19.7% yoy decline.

Currently, Vodafone India and Idea Cellular are ranked number two and three, respectively, in India and after the merger, it aims to take on India's largest telecom operator - Bharti Airtel.

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