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GTL Infrastructure reduces debt to Rs 41.93 billion; receives CCI nod for proposed merger with CNIL

July 14, 2017

GTL Infrastructure Limited has reduced its debt to Rs 41.93 billion, following the implementation of a strategic debt restructuring (SDR) scheme. This includes the debt of passive infrastructure sharing firm Chennai Network Infrastructure Limited (CNIL). CNIL was a special purpose vehicle formed to park Aircel’s 17,500 telecom towers and 21,000 tenants, which GTL Infrastructure bought in 2010 for Rs 84 billion.

As part of the SDR, the companies were merged with a 1:1 share ratio. GTL Infrastructure has received the Competition Commission of India’s approval for the merger, which is now subject to requisite statutory approvals, including that of various National Company Law Tribunals. The merged entity will continue to operate as GTL Infrastructure. The combined entity had 27,759 towers with 50,845 tenants as on March 31, 2017.

Prior to the implementation of the SDR, the combined debt of the two companies was Rs 85.53 billion. Post-SDR, their earnings before interest, taxes, depreciation and amortisation (EBIDTA) have also moved up from Rs 5.93 billion in 2010-11 to Rs 11.21 billion in 2016-17. The EBITDA is likely to exceed Rs 13 billion in 2017-18.

 
 

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