New Delhi : The Department of Telecom on Thursday cleared sale of standalone mobile towers of Idea Cellular for Rs 4,000 crore to the Indian arm of American Tower Corporation (ATC), according to official sources. “Idea-ATC deal has been cleared,” an official source said.
ATC Telecom Infrastructure had signed pact with Vodafone India and Idea in November 2017 to buy their standalone towers for Rs 7,850 crore. The standalone tower businesses of Vodafone and Idea have a combined portfolio of nearly 20,000 towers.
ATC has already completed acquisition of Vodafone India’s mobile tower for Rs 3,850 crore, which added nearly 10,200 to its portfolio. Deal closure with Idea will further add around 9,800 towers to the portfolio of ATC Telecom Infrastructure. The clearance of this deal also bring merger of Idea-Vodafone closer to the regulatory approval.
