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TTSL to offload remaining stake in tower arm to ATC for Rs 25 billion

April 26, 2019
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Tata Teleservices Limited (TTSL) has sought the Department of Telecommunications’ (DoT) approval to sell remaining stake in its tower firm to American Tower Corporation (ATC), for approximately Rs 25 billion.

With this, ATC’s stake in ATC Telecom Infrastructure Private Limited (ATC TIPL), will increase to close to 90 per cent. The remaining stake in the company is held by funds owned by Macquarie.

The decision to sell the remaining stake is an extension of the deal signed in October 2018 when TTSL sold nearly half of its stake to ATC. As per the deal, TTSL had an option to offload its remaining stake, which it must exercise in this fiscal.

Last year in October 2018, TTSL offered 50 per cent of its total stake while Infrastructure Development Finance Company (IDFC) sold its entire stake in ATC’s tower unit for Rs 29.40 billion.

 
 
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