GTL Infrastructure Limited (GIL) has entered into a deal with Aircel to acquire its tower business for Rs 84 billion.

GTL Infrastructure Limited (GIL) has entered into a deal with Aircel to acquire its tower business for Rs 84 billion. The transaction will see Aircel spinning off its tower business with 17,500 towers into a special purpose vehicle (SPV), which will be acquired by GIL. The deal, which is expected to be completed by May 2010, will make GIL the world’s largest standalone tower company, replacing the American Tower Corporation. To finance the deal, GIL and its other group companies will invest Rs 34 billion while Rs 50 billion will be raised in the form of debt through an SBI Caps-led consortium. Post the deal, GIL will invest another Rs 6 billion to Rs 8 billion to upgrade the acquired business.