Passive telecom infrastructure firm GTL Infrastructure (GIL) is planning to pick up strategic stakes in telecom tower firms that are being hived off by service providers and independent companies. |
GIL, together with IDFC Project Equity (a wholly owned subsidiary of IDFC), has floated a special purpose vehicle (SPV) to scout for acquisitions. |
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"There are several opportunities and the SPV with IDFC Project Equity will help us pursue inorganic growth plans, to maintain our leadership position as the largest third party independent telecom tower infrastructure company," GTL Infrastructure Chairman Manoj Tirodkar said. |
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IDFC is a promoter company of GTL and holds 5 per cent stake in GTL Infrastructure. The companies will approach telecom operators and independent tower companies to make commercial offers. |
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The company had announced setting up of 25,000-shared telecom towers in the next three years, with an investment of around $1.7 billion. |
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The company had raised $300 million through a foreign currency convertible bond (FCCB) issue, while it has been sanctioned a $700 million debt by domestic and international banks. |
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GIL had also raised $85 million through a $250 million rights issue to its promoter group. |
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The company has around 3,500 towers in the country. It was looking at offering the towers on a shared basis to telecom operators. |
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The company is already servicing five national level and one regional level telecom operator, and has entered into long-term contracts of 10-15 years. |
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