GTL Limited in-principle agrees to hand over telecom towers’ power management rights to IE

GTL Limited has signed an in-principle agreement with UK-based Intelligent Energy (IE) to hand over the power management rights to the latter for its telecom towers in India. The deal is expected to help IE generate revenues of more than ?1 billion over the next decade.

At present, IE manages and supplies its hydrogen fuel cells to GTL?s 10,000 telecom towers in India. The firm has now reached an agreement to increase this arrangement to over 26,000 towers. The deal is likely to be funded from existing cash resources and locally sourced debt.

The agreement is subject to financing and will require the approval of GTL’s lenders.