Mumbai-based telecommunications infrastructure company GTL Infrastructure will buy the telecom tower assets of mobile phone firm Aircel for Rs84 billion $1.8 billion.
The deal is structured as an asset purchase by GTL of Aircel's 17,500 existing towers, which comprise 21,000 tenancies. In addition to the existing towers, Aircel will also provide 20,000 new towers to GTL over a three-year period.
Aircel is the seventh largest wireless telecom operator in India with 29 million subscribers as of November 2009. It is a joint venture between Malaysian telecom company Maxis Communications, the largest mobile phone service provider in Malaysia, and India's Apollo Hospital Group. Maxis owns 74% of Aircel.
This transaction will make GTL...