American Tower Corporation (ATC) has stated that it is exploring the sale of an equity stake in its India operations to one or more private investors . In a recent filing to the US Securities and Exchange Commission (SEC), the company said it wanted to reduce its exposure in India.
Over the years, ATC put up huge bets in India, expanding aggressively on its towers portfolio by acquisitions. The rapid consolidation in the Indian telecom market and the inability of Vodafone Idea Limited (Vi) to clear its contractual dues have posed hefty challenges for the company. ATC also stated that Vi might not be able to meet its operational obligations, which include future payments, and further result in incurring additional expenses to ATC.
