Vodafone India has completed the sale of its standalone tower business in India to ATC Telecom Infrastructure Private Limited (ATC) for an enterprise value of Rs 3,850 crore (€478 million).
In the Vodafone India/Idea merger announcement of 20 March 2017, both parties announced their intention to sell their individual standalone tower businesses to strengthen the combined financial position of the merged entity. The merger is expected to complete in the first half of the current calendar year.
Completion of Idea’s sale of its standalone tower business to ATC is also expected in the first half of this calendar year.
The standalone tower businesses of Vodafone India and Idea are pan-Indian passive telecommunication infrastructure businesses, comprising a combined portfolio of approximately 20,000 towers with a combined tenancy ratio of 1.65x as at 30 June 2017.
Earlier, Vodafone India and Idea Cellular have separately agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure for an aggregate enterprise value of Rs. 7,850 crore ($1.2 billion).