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GTL buys Aircel towers for 
8400 Crore
By siliconindia
Mumbai: GTL Infrastructure, which leases towers to cellphone operators, has agreed to acquire the telecom tower business of Aircel and its subsidiaries for 
8,400 crore, reports Times of India. The transaction is expected to be completed by May 2010.
According to a source, GTL outbid Tata-Quippo, American Tower and Crown Castle to buy 17,500 towers of Aircel, a unit of Malaysia's Maxis Communications. This is one of the largest deals in the telecom tower segment in India, in terms of value and the number of towers acquired. This deal will take GTL's total tower position to 33,000 and will give the company access to another 20,000 towers which are being set up over the next three years.
In fact, GTL Infrastructure will have a portfolio of more than 50,000 towers across all 23 telecom circles by FY13. The deal will be funded by an equity investment of 3,400 crore from GTL Infrastructure and its promoters and debt funding of 5,000 crore by a consortium of banks led by SBI Capital.
According to GTL Chief Operating Officer Prakash Ranjalkar, GTL will directly contribute 1,750 crore in equity for a special purpose vehicle to complete the acquisition and parent Global Group will bring in 1,650 crore.
Apart from the towers, GTL will acquire the related broadband infrastructure also. Simultaneously, GTL will have Aircel as an anchor tenant. Following the transaction, Aircel will be reinvesting the proceeds across India. The deal ensures a comprehensive tower footprint on a pan-India basis. GTL also announced an investment of 10,000 crore for developing of passive telecom infrastructure in rural India.
8,400 crore, reports Times of India. The transaction is expected to be completed by May 2010.
According to a source, GTL outbid Tata-Quippo, American Tower and Crown Castle to buy 17,500 towers of Aircel, a unit of Malaysia's Maxis Communications. This is one of the largest deals in the telecom tower segment in India, in terms of value and the number of towers acquired. This deal will take GTL's total tower position to 33,000 and will give the company access to another 20,000 towers which are being set up over the next three years.
In fact, GTL Infrastructure will have a portfolio of more than 50,000 towers across all 23 telecom circles by FY13. The deal will be funded by an equity investment of 3,400 crore from GTL Infrastructure and its promoters and debt funding of 5,000 crore by a consortium of banks led by SBI Capital.
According to GTL Chief Operating Officer Prakash Ranjalkar, GTL will directly contribute 1,750 crore in equity for a special purpose vehicle to complete the acquisition and parent Global Group will bring in 1,650 crore.
Apart from the towers, GTL will acquire the related broadband infrastructure also. Simultaneously, GTL will have Aircel as an anchor tenant. Following the transaction, Aircel will be reinvesting the proceeds across India. The deal ensures a comprehensive tower footprint on a pan-India basis. GTL also announced an investment of 10,000 crore for developing of passive telecom infrastructure in rural India.