Quippo-WTTIL rebrands, obtains investments from Macquarie SBI
Quippo-WTTIL, a shared passive telecom infrastructure provider in India, has rebranded itself to form a new identity known as Viom Networks Limited. The company also announced that a consortium led by Macquarie SBI Infrastructure has acquired an interest for INR 14.2 billion.
The rebRanding has come about after the approval from the Delhi High Court for the demerger of passive infrastructure from Quippo Telecom Infrastructure Limited (QTIL), and the approval from the Andhra Pradesh High Court for the merger of passive infrastructure of QTIL with Wireless TT Info Services Limited (WTTIL).
QTIL is promoted by the Kanorias of SREI Infrastructure Finance Limited while WTTIL was the passive infrastructure arm of Tata Teleservices Limited. According to Viom Networks Limited, the company will continue to be run by an independent and professional management team from Quippo. A new board has also been constituted, as part of the merger exercise.
Announcing the merger and the new brand identity, Sunil Kanoria, Director, Viom Networks Limited said, “With a modest beginning in 2005, and subsequent to our partnership with Tata Teleservices last year, today we are a leading player in the independent telecom infrastructure industry. The approval for the demerger and the subsequent merger will bring immense economic benefits to Viom — the new unified entity.”
The new board of Viom Networks Limited comprises of Subodh Bhargava as the first independent chairman of the board. Other members on the board include Arun Gandhi (Director, Tata Sons), Hemant Kanoria (Chairman, MD, SREI), Anil Sardana (MD, Tata Teleservices), Sunil Kanoria (Vice Chairman, MD, SREI), Dipankar Chatterji (Chairman, Calcutta Stock Exchange), S.K. Gupta (former-chairman and MD, VSNL), S.G. Murali (CFO, Tata Teleservices), Satish Kumar Mandhana (MD, IDFC) and Amit Jain (Oman Investment Fund).
Viom Networks Limited has also announced that a consortium led by Macquarie SBI Infrastructure Fund (MSIF) has acquired an interest in the company for a total consideration of INR 14.2 billion (US $304 million) from Quippo Telecom Infrastructure Ltd. (QTIL). MSIF is an India-focused infrastructure fund that is managed by a joint venture between Macquarie Capital (Macquarie) and the State Bank of India (SBI).
Viom Networks has over 37,000 towers with more than 80,000 tenants. The company plans to add around 20,000-25,000 towers in the next two years while targeting a tenancy ratio of over 2.5 times. “We are delighted that this investment has been secured by MSIF. Several other investment opportunities are being evaluated and we expect this acquisition to be one of a number of investments that MSIF will complete in the near future,” said Mr. Varun Bajpai, CEO of SBI Macquarie Infrastructure Management Pvt Ltd.
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