Idea likely to divest 26% in tower arm: Sources

Idea Cellular is likely to divest 26% of its tower arm business, reports Kritika Saxena quoting sources. Idea had earlier hived off its tower operation from itself. It has around 9000 towers in all excluding the Indus Towers which is a joint venture with Vodafone and Bharti.

Sources add that the telecom operator is planning for a partial stake sale instead of selling it wholly, inorder to raise funds to meet debts out of 3G spectrum allocation. It is also learnt that two to three bankers have been appointed to scout for potential buyers.
As per the valuation, Idea has sought valuation of between USD 800 million-1 billion for 9000 towers.
Meanwhile, Reliance Communication too is willing to sell 95% stake in its tower unit Reliance Infratel, as per media reports.