Infrastructure company KEC International today said it is cancelling the lease with landowners in Meghalaya, based on which 107 telecom towers were built in 11 districts, after the assets were transferred to NASDAQ-listed American Tower Corp (ATC).
KEC project head Col Jagdish Singh said the 15-year-old lease signed in 2007 with the landowners will be cancelled and the new company will have to re-draw the lease with the landowners.
The cancellation and re-drawing of the lease is necessitated in view of the Land Transfer Act (Regulations), 1971, an act that regulates the transfer of land owned by non-tribals in tribal state Meghalaya.
On the other hand, agreements will also be reached with the other third party entities, the telecom companies, who had signed a five-year agreement since December 1, 2013, Singh said.
