Space Teleinfra provides services to all mobile phone service providers in the country as well as public and private business organisations, including Lucknow Metro, Delhi Metro Rail Corporation, among others.
Space Teleinfra provides services to all mobile phone service providers in the country as well as public and private business organisations, including Lucknow Metro, Delhi Metro Rail Corporation, among others.

Global investment firm Brookfield backed Tower Infrastructure Trust will acquire Indian telecom infrastructure firm Space Teleinfra for Rs 900 crore.

Space Teleinfra provides services to all mobile phone service providers in the country as well as public and private business organisations, including Lucknow Metro, Delhi Metro Rail Corporation, among others.

"Shareholders of Space Teleinfra Private Limited (STIPL) entered into definitive agreements with Tower Infrastructure Trust for a transaction valuing the equity of the company at Rs 900 Crore, with a focus on beginning a new era of mobile connectivity and data consumption," STIPL said in a statement.

Tower Infrastructure Trust was established by Reliance Industries Group. Brookfield acquired the company for Rs 25,215 crore in September 2020.

Founded by Ankit Goel and Radhey R. Sharma, STIPL commenced operations in 2016 with a focus on providing telecom infrastructure to mobile network operators for outdoor small cells, in-building solutions (IBS) and rooftop towers.

"The founders and other shareholders of STIPL have executed definitive agreements with Tower InvIT, whereby Tower InvIT has agreed to purchase the current equity shareholding of STIPL from the Shareholders for an equity consideration of Rs 900 crores, and an additional, substantial milestone-based consideration," the statement said.

The shareholders will receive the consideration by way of a combination of cash and units in Tower InvIT through a preferential allotment of units.

"Considering the synergies with Tower InvIT, this transaction will outline significant growth opportunities for STIPL. With the onset of 5G and data consumption trends, seamless indoor connectivity becomes as essential as outdoor connectivity, and this transaction will open new horizons for STIPL to lead this opportunity further," Goel said.

Ambit Private Limited acted as the exclusive financial advisor to the shareholders. Khaitan and Co acted as the legal advisors and Bobby Parikh Associates acted as the tax advisors to the shareholders, the statement said.

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