TTSL Creates New Telecom Infrastructure Entity
Tata Teleservices (TTSL) and Kolkata-based Quippo Telecom Infrastructure have today announced the merger of their infrastructure businesses to create an independent telecom infrastructure company. Under the terms of the partnership, the Tata group firm and Quippo will swap 51% and 49% stake respectively in the infrastructure business held by them.
The management rights in Wireless Tata Telecom Infrastructure (WTTIL), the tower arm of TTSL, shall now move over to an independent professional management run by Quippo. In November, TTSL had sold 26% stake to Japanese mobile giant NTT DOCOMO.
The Kolkata firm will also make an upfront cash payment of approximately Rs.2,400 crore and transfer its passive telecom tower portfolio of approximately 5,000 towers to WTTIL. The combined entity will therefore have a portfolio of 18,000 towers, with an enterprise valuation of approximately Rs.13,000 crore.
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