 "Govt allows ATC to raise stake in tower business")
American Tower Corporation (ATC) has received Union Cabinet nod to acquire Tata Group's 12.32 per-cent stake in India's third-largest mobile tower company for Rs 2,480 crore.
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday cleared the US company's stake purchase in ATC Telecom Infrastructure (ATC TIPL). The clearance allows the US company to increase its stake in its Indian entity to 91 per cent and marks the exit of Tata Group from the mobile tower business.
The acquisition follows the exercise of a 'put' option by Tata Teleservices (TTSL) and Tata Sons.
ATC TIPL, which owns
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday cleared the US company's stake purchase in ATC Telecom Infrastructure (ATC TIPL). The clearance allows the US company to increase its stake in its Indian entity to 91 per cent and marks the exit of Tata Group from the mobile tower business.
The acquisition follows the exercise of a 'put' option by Tata Teleservices (TTSL) and Tata Sons.
ATC TIPL, which owns
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