GTL Infra completes $150m Aircel tower buy

Dylan Bushell-Embling
22 Jul 2010
00:00
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Daily News

After completing the purchase of Aircel's tower assets, GTL Infrastructure expects its revenue to grow by 7.2 billion rupees ($154.2 million) this financial year.

The company revealed it has now acquired the 17,500 telecom towers from Aircel, in a deal worth 80.76 billion rupees, Economic Timessaid.

The deal had been announced in January, and the tower assets had all been transferred by July 19th. The transaction gives GTL some 32,500 towers across all of India's telecom circles.

GTL will also soon be acquiring some other assets from Aircel, which could lift earnings by up to 6 billion more rupees.

GTL added that the deal has made it the world's largest independent tower company.

The tower company last month announced plans to buy Reliance Communications' tower business for 500 billion rupees ($10.74 billion), in what is to become one of India's largest ever M&A deals.

Following this acquisition, GTL will have over 80,000 towers and over 125,000 tenancies from at least 10 telecom operators.

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