American Tower Corporation (ATC) will reportedly sell stakes in its India operations at an enterprise valuation of up to $2.2 billion by the end of December 2023.

According to industry sources, US-based I Squared Capital is set to buy the telecom tower company, which has seen a continuous loss of valuation in the past few years.

In the quarter ended September 2023, ATC recorded $322 million in goodwill impairment charges associated with its India business. After the impairment, the book value of the Indian operations is around $2.2 billion based on its internal impairment review analysis, discounted cash flow, and cost of capital.