To hold 12% stake in Quippo post merger: SREI

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To hold 12% stake in Quippo post merger: SREI

Sunil Kanoria, Director of SREI said the company will hold 12% stake in Quippo post merger.” TTML towers will add presence in Maharashtra.”

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS TTML sells tower arm to Quippo-WTTIL for over Rs 1,300cr ALSO READ See latest News about TataTeleservice See previous management interviews See what other Experts & Brokerages are saying about TataTeleservice TataTeleservice BSE | NSE 31/05/12 Are Mutual Funds betting on TataTeleservice? Other Stocks in this news SREI Infrastructure Finance |

Tata Teleservices (Maharashtra) Limited is all set to sell its entire stake in tower arm, 21st Century Infra Tele Ltd (TFCITL), to telecom infrastructure firm Quippo-WTTIL for Rs 1,318 crore.

Tata Teleservices has entered into a share purchase agreement with Quippo Telecom Infrastructure Ltd & Wireless TT Info Services Ltd for selling 100% stake in tower arm-TFCITL.

Quippo-WTTIL, which was formed after the merger of Quippo Telecom Infrastructure Limited with Wireless Tata Telecom Infrastructure Ltd last year, is an independent entity managing the tower infrastructure business.

Quippo Telecom, a SREI group company, holds 49% in Quippo-WTTIL.

Commenting on the deal, Sunil Kanoria, Director of SREI said the company will hold 12% stake in Quippo post merger." TTML towers will add presence in Maharashtra."

According to Kanoria funding for the deal will be done via internal accruals and debt.

Next page: Transcript of Sunil Kanoria's interview on CNBC-TV18.