American Tower Company’s proposal to acquire 100 per cent stake in ATC Tower Company of India

DoT may clear the proposal of Boston-based American Tower Company (ATC) to acquire 100 per cent stake in its Indian venture, ATC Tower Company of India Limited. The proposal is accompanied with a rider that ATC must divest 26 per cent stake to the Indian public over five years. DoT’s clearance is essential for securing FIPB approval. Currently, ATC owns 48.78 per cent stake in ATC India; ATC India holds 51.22 per cent. Meanwhile, ATC is negotiating with TTSL, Hutchison Essar, Aircel and Bharti Airtel for maintaining and building new towers. To this end, it may float a company in which one of the operators could have a minority stake.