Idea Cellular plans to sell 100% in tower arm for $1 bn: Sources

Idea Cellular has put on block 100 percent stake in its tower arm, dropping its earlier plans to sell a minority stake in the business, people close to the telecom operator told CNBC-TV18. They say the company is looking to sell 11,000 telecom towers for close to USD 1 billion.

Idea Cellular has reached out to America Tower Corp, Bharti Infratel and Brookfield for tower sale, sources said, adding that it is likely to retain its stake in Indus Towers. Idea, ATC, Bharti Infratel declined to comment on CNBC-TV18’s query.

Commenting on the development, Nitin Soni, Director, Fitch Ratings said usually when core telecom sector becomes competitive, companies are likely to sell-off tower assets and use the proceeds to pump up telecom operations, repay debt or fund expansion and network rollout.

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