Vodafone, Idea to sell mobile-towers to ATC for Rs. 7850cr

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

A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd's logo on its shutter in Mumbai, India, April 28, 2014.

"The receipt of these proceeds prior to completion was anticipated and provided for in the merger agreement and hence would not affect the agreed terms of the Vodafone India and Idea merger, including the amount of debt which Vodafone will contribute to the combined company at completion", the statement read.

The deal will make American Tower Corp one of the top players in the tower infrastructure market in India along with Bharti Infratel and Indus Towers.

Idea Cellular, part of the Aditya Birla conglomerate, on Monday reported its fourth straight quarterly loss, mainly due to it having to compete against Jio's series of cut-price service offers.

The deal also comes as Idea seeks to pay down debt as it prepares to merge with Vodafone India to surpass Bharti Airtel Ltd.as the country's largest phone operator by subscribers. Vodafone India had 10,230 towers and a tenancy ratio of 1.58. Accordingly, private equity funds KKR and Canadian Pension Plan Investment Board (CPPIB) had emerged as the top contenders.

Was Iowa State robbed of a touchdown late against Oklahoma State?
The Cyclones held a 42-34 lead with 8:34 left in the game after David Montgomery's third rushing touchdown of the game. In the 3rd quarter, Iowa State jumped out to a 28-24 lead when Montgomery scored on a three yard touchdown run.

The sale of tower business is subject to regulatory and other approvals.

Vodafone India Ltd and Idea Cellular Ltd on Monday said that they have separately agreed to sell their standalone telecom tower businesses to ATC Telecom Infrastructure Pvt.

Revenue was down 20.3 percent on a year ago at 75.11 billion rupees, while average monthly revenue per user fell 6.4 percent from the previous quarter to 132 rupees.

The scrip ended at Rs 93.55, down 3.61 per cent on BSE. While Idea and Vodafone are merging their mobile-phone businesses, market leader Bharti Airtel Ltd has snapped up several smaller operators.

Related News:



Most liked

Some iPhone X displays have 'nasty green line' problems
As Apple is known for providing solutions quickly to its customers, we hope the company would address this issue soon. It's clear that the iPhone X has shaped the design in which we'll see on iPhone devices over the coming years.

Chevy Corvette ZR1 debuts with 755 horsepower
The ZR1 ushered supercharging into the Corvette's wheelhouse almost a decade ago, and this C7 ZR1 assures it's alive and well. Chevrolet says the 2019 Corvette ZR1 goes on sale in spring 2018, with pricing to be announced closer to that time.

It took 4 months for common sense to germinate on GST: Chidambaram
Crediting his party the Congress for pushing for GST Rate cut, Chidambaram said "Congress is vindicated". In effect, the Council, in its 23rd meet on Friday, cut rates on 178 goods. "Thank you Gujarat .

Mississippi State tied with Alabama at 24 in the 4th
Following Hurts's last touchdown, Nick Fitzgerald heaved a pass out of the back of the end zone to seal an Alabama victory. Mississippi State's power running game gained 172 yards, but in the end Alabama was able to slow the Bulldogs down.

Who Can Stop Rafael Nadal And Roger Federer — ATP Finals Preview
But Federer saw the amusing side later: "It was a big distraction, I'll tell you that, because [Sock's posterior] was very big. The Spaniard will play his first match at the tournament for the top eight players in the world on Monday against Goffin.

Anderson Silva in trouble again after positive doping test
The biggest headline-grabber on the night was, of course, the return of Georges St-Pierre after a near-four year layoff. They didn't have to look far - it's none other than recently defeated ex-middleweight champ Michael Bisping.

Seamers set up 192 run win for England
In a major boost to the England cricket team, all-rounder Moeen Ali has been deemed fit for the final practice match against Cricket Australia XI.

Carrie Underwood tweets 'I'll be alright' after fall at home
Carrie Underwood is recovering after suffering a broken wrist and other injuries, her rep told ABC News. Singer Carrie Underwood co-hosted the 51st annual CMA Awards on Wednesday, Nov. 8, 2017.

Steelers' Joe Haden breaks fibula against Colts, is out indefinitely
The two-time Super Bowl champion hooked up with JuJu Smith-Schuster on a 7-yard TD pass to cut the lead to 17-9. He had an extra point blocked that was almost returned for two points by Colts safety Matthias Farley.

US, S. Korea begin joint Naval drills
It marks the first time that the country's Navy has conducted a combined training with three US aircraft carriers. It also flew two new midrange missiles over Japan and threatened to launch them toward Guam, a U.S.

Sakho, Mane star as Senegal book World Cup slot
Senegal have qualified for the 2018 World Cup in Russian Federation after securing a 2-0 away win over South Africa on Friday. After a bright opening from the hosts, it was an incisive piece of passing that put Senegal in the lead on 12 minutes.

Michael O'Neill: Northern Ireland run an 'amazing achievement'
Rodriguez moved across the goalmouth toward the post and hooked the ball clear as he fell backward into the goal. Arsenal midfielder Granit Xhaka has taken aim at Northern Ireland's players.

Senegal Book World Cup Ticket
Sadio Mané played Sakho through on goal with a defence-splitting pass and the West Ham striker slotted the ball past Khune. Victory gave Senegal an uncatchable five-point lead over Burkina Faso and Cape Verde in Group D with one round left.

Adepoju wants Super Eagles to end World Cup Qualifiers unbeaten
The group's other teams Zambia, on seven points, and Cameroon, on six points, will meet in another dead rubber encounter in Ndola on Saturday.

TPP trade deal talks move forward
The Trudeau government had previously never fully committed to the TPP, and spent months consulting the public on the agreement. Friday trying to bridge their differences and produce a statement for the leaders of their countries to endorse.