The Essar Group is planning to hive off Essar Telecom Tower Infrastructure (ETTI) as a wholly owned subsidiary of Essar Communications Holdings Limited (ECHL). ECHL owns 49 per cent stake in ETTI, but has sought approval of the Foreign Investment Promotion Board for increasing this stake to 100 per cent. The Essar Group is planning to invest $116 million in its tower business to increase its tower count to 18,000 by 2010.
