Vodafone Idea’s thrust on 4G capex may not benefit Indus Towers, says ICICI Securities

As per ICICI securities, Vodafone Idea Limited (Vi) is likely to raise its 4G capex in an attempt to regain market share but this capex push may not benefit Indus Towers in the near-term.
The capex will be incurred predominantly in the form of loading 4G base transceiver stations (BTS) where Vi lags behind Bharti Airtel, given the former is not a pan-India 4G player.
Further, ICICI does not expect Vi to undertake expansion in 2G cellsites, growth in which will help drive tenancy expansion for Indus Towers.