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TTML sells tower arm to Quippo-WTTIL for over Rs 1,300cr
Tata Teleservices Maharashtra (TTML) sells its tower business for over Rs 1,300 crore, reports CNBC-TV18's Sajeet Manghat. It sells its tower subsidiary to Quippo-WTTIL at Rs 52 lakh per tower.
Tata Teleservices Maharashtra (TTML) sells its tower business for over Rs 1,300 crore, reports CNBC-TV18's Sajeet Manghat. It sells its tower subsidiary to Quippo-WTTIL at Rs 52 lakh per tower.
TTML will divest 100% stake in the tower subsidiary to Quippo-WTTIL. The deal valued at Rs 1,318 crore, values the towers at Rs 52 lakh per tower.
The transaction includes the tower portfolio in Mumbai, Maharashtra, and Goa. Quippo-WTTIL is likely to have a contiguous national network post acquisition.
TTML is likely to get in excess of Rs 900 crore in net cash inflows post sale. Quippo-WTTIL will get 2,535 towers in Mumbai, Maharashtra, and Goa.
TTML's subsidiary has a tenancy ratio of 2.15. It has committed to a roll-out of 4,000 towers over the next five years.
Quippo-WTTIL's tower portfolio is likely to go over 38,000.
