Passive telecom infrastructure firm GTL Infrastructure (GIL) will form a special purpose vehicle with IDFC Project Equity Company to acquire and pick up strategic stakes in telecom infrastructure companies, being hived off by telecom operators and other independent tower companies.
According to an official release issued by GTL to the BSE today, it has entered into a memorandum of understanding (MoU) with its promoter group arm, IDFC.
Manoj Tirodkar, chairman, GTL Infrastructure, said: "There are several opportunities available and the SPV with IDFC Project Equity will help us to pursue inorganic growth plans, to maintain our leadership position as the largest third party independent telecom tower infrastructure company".
IDFC holds around 5% stake in GTL Infra and is also participating in the warrants issue of the company.
The companies would proactively approach telecom operators and independent tower companies to make commercial offers or jointly submit bids for acquisition of stake, when such bids are sought.
GTL Infra is in the process of rolling out a pan-India network of over 25,000 shared telecom towers with an estimated investment of Rs 8000 crore. The company is already servicing 5 national level and one regional level telecom operator, and has entered into long-term contracts of 10-15 years.
While the company will invest $1.7 billion, it has raised $300 million through a foreign currency convertible bond (FCCB) issue, which was subscribed over 4.41 times.
GIL has also been sanctioned a $700 million debt by domestic and international banks, while it had raised $85 million (Rs 340 crore) through a rights issue $250 million (Rs 1,055 crore) through issuance of warrants to the promoter group, Industrial Development Finance Company (IDFC) & Technology Infrastructure
According to an official release issued by GTL to the BSE today, it has entered into a memorandum of understanding (MoU) with its promoter group arm, IDFC.
Manoj Tirodkar, chairman, GTL Infrastructure, said: "There are several opportunities available and the SPV with IDFC Project Equity will help us to pursue inorganic growth plans, to maintain our leadership position as the largest third party independent telecom tower infrastructure company".
IDFC holds around 5% stake in GTL Infra and is also participating in the warrants issue of the company.
The companies would proactively approach telecom operators and independent tower companies to make commercial offers or jointly submit bids for acquisition of stake, when such bids are sought.
GTL Infra is in the process of rolling out a pan-India network of over 25,000 shared telecom towers with an estimated investment of Rs 8000 crore. The company is already servicing 5 national level and one regional level telecom operator, and has entered into long-term contracts of 10-15 years.
While the company will invest $1.7 billion, it has raised $300 million through a foreign currency convertible bond (FCCB) issue, which was subscribed over 4.41 times.
GIL has also been sanctioned a $700 million debt by domestic and international banks, while it had raised $85 million (Rs 340 crore) through a rights issue $250 million (Rs 1,055 crore) through issuance of warrants to the promoter group, Industrial Development Finance Company (IDFC) & Technology Infrastructure
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