Telecom tower management firm Tower Vision today said that it has received an equity financing from a consortium of eight international investors, which will provide over $300 million funds (about Rs 1,377 crore) to the company for expanding its operations.
The consortium is led by global PE firm Quadrangle Capital Partners for expanding its footprint in the country. The equity financing, together with concurrent debt financing, will provide the company with over $300 million funds, Tower Vision said in a statement.
However, the telecom tower management firm did not disclose the terms of investment and other details.
Proceeds from the capital raised will be used to fund the accelerating growth of the business and expand the company’s tower portfolio, Tower Vision Chief Executive Officer Amit Ganani said.
Deals in the telecom tower sector have started flowing in now, with tower firm GTL Infrastructure buying 17,500 towers owned by Aircel last month to boost its presence in India.
"This investment is a great opportunity to obtain exposure to one of the fastest growing wireless markets in the world, and we believe the Company is well positioned with its high quality and rapidly expanding tower portfolio," Edward Sippel, a Managing Principal based in Quadrangle’s Hong Kong office said.
Tower Vision is the second-largest independent tower management company in India.