Idea-Vodafone to sell tower business to ATC for Rs 7850 crore

Idea-Vodafone to sell tower business to ATC for Rs 7850 crore

It was decided that post-merger Vodafone India will own 45.1% of the merged entity, after it transfers about 4.9% to promoters of Idea and/or their affiliates for ₹38.74 billion.

"The sale of the company's standalone business will be achieved through the sale of the entire shareholding of ICISL (Idea Cellular Infrastructure Services Ltd) by the company comprising 60,000 equity shares of Rs10 each to the purchaser", the Idea Cellular said in an exchange filing on Monday.

The tower business will be sold at an enterprise value of 40 billion rupees ($613 million) to ATC Telecom Infrastructure Pvt Ltd, a unit of American Tower Corp, Idea Cellular said in a statement.

On overall terms Idea's gross investment in fixed assets has now risen to over Rs 122.2 crore, a net addition of Rs. 486 billion (capex + spectrum) during the last 24 months.

Vodafone India and Idea announced their merger on March 20. The merger is expected to be completed in 2018.

Inside Kim K's incredibly lavish baby shower
The theme for the baby shower was "Tea for Three", and featured Cherry Blossom decorations at the chic affair. Once inside the event, guests were overwhelmed with more pink and white trees lining the walls.

Net loss after tax was Rs1,107 crore in the quarter ended 30 September, compared with a profit of Rs91.5 crore a year earlier, Idea Cellular said on Monday.

The established telecom operators have seen locked in a fierce tariff war to protect their turf, following the entry of aggressive newcomer Reliance Jio in the market.

Besides, the depreciation and amortisation charge increased to Rs 2,114.3 crore and interest and financing cost rose to Rs 1,182.9 crore as the company continued to aggressively invest in expanding its 4G footprint, the statement added.

Vodafone India has also agreed to sell its standalone tower business to ATC Telecom for an enterprise value of 38.50 billion rupees. The transaction is expected to take place during the first half of the calendar year 2018.

Related Articles

  • Trump calls Kim Jung-un 'short, fat,' in response to 'old' comment

    Trump calls Kim Jung-un 'short, fat,' in response to 'old' comment

    Trump, who is 71 years old, made the comment after attending the Asia-Pacific Economic Cooperation (APEC) summit in Vietnam. Addressing a press conference later, Trump declared his belief that it was possible for the two leaders to be "friends".
    Saints safety Vaccaro out Sunday vs. Bills

    Saints safety Vaccaro out Sunday vs. Bills

    Between Weeks 5 and 9, the Bills were tied for 18th in points per game allowed (23.75) and 24th in yards allowed per game (383.3). And that train just steamrolled through one of the NFL's other surprise contenders in stunning fashion.
    Six Companies Won't Advertise On 'Hannity' After Roy Moore Interview

    Six Companies Won't Advertise On 'Hannity' After Roy Moore Interview

    It's unclear whether the decision by several advertisers to pull their ads will result in any serious repercussions for the show. As you may already know, many men have been accused of similar crimes lately including, most recently, Louis CK and Kevin Spacey.
  • Mall Of America Stabbing: Robber Knives 2, Suspect In Custody

    Mall Of America Stabbing: Robber Knives 2, Suspect In Custody

    One person is in custody after a stabbing Sunday evening at the Mall of America in Bloomington, officials say. Schwieters added she talked to a man who might have seen the suspect before the stabbing.
    Supreme Court dismisses PIL against sanjay Leela Bhansali's Padmavati

    Supreme Court dismisses PIL against sanjay Leela Bhansali's Padmavati

    Bhansali in a video announced that there will be no dream sequence between Rani Padmini and Alauddin Khilji in the movie. He is aiming for "a wide release" for the movie after securing the censor certification.
    Thorny South China Sea issue may dominate ASEAN summit

    Thorny South China Sea issue may dominate ASEAN summit

    Prime Minister Narendra Modi will hold bilateral talks with US President Donald Trump and President Duterte of Philippines. Widodo and First Lady Iriana were welcomed by Department of Agriculture Secretary Emmanuel "Manny" Piñol.
  • Samsung Galaxy J3 2018 Specifications leaked-Everything You Need to Know

    Samsung Galaxy J3 2018 Specifications leaked-Everything You Need to Know

    The latter from the same series, A7 (2018) is also expected to launch in the same period, with a larger 6-inch display panel. The phone will also come with 4GB of memory and 32GB of internal storage, expandable to up to 256GB of storage.
    Rudy Gobert Out 4-6 Weeks With Knee Injury

    Rudy Gobert Out 4-6 Weeks With Knee Injury

    Waiters said he would have preferred Gobert discuss the incident in private instead of spreading his opinion on social-media. When asked about the injury, Gobert was critical of Waiter's intention, saying it was a dirty move on the part of Waiters.
    Broncos' Free-fall Continues as Patriots Hand Denver Its Fifth Straight Loss

    Broncos' Free-fall Continues as Patriots Hand Denver Its Fifth Straight Loss

    The Patriots have four tight ends active for Sunday night's game - Bennett, Rob Gronkowski, Dwayne Allen and Jacob Hollister. The Patriots running back is among the inactives for the Patriots as they face the Denver Broncos on the road in Week 10.
  • New Renders Envision 2018 iPad Pro with Face ID

    New Renders Envision 2018 iPad Pro with Face ID

    When Apple was detailing this feature, it said that even Hollywood-quality face masks can't fool the Face ID . However, it does raise security concerns given that the mask reportedly cost about $150 (£114) to create.
    Some iPhone X users experiencing distortion & buzzing sounds from earpiece speaker

    Some iPhone X users experiencing distortion & buzzing sounds from earpiece speaker

    So far there's been a limited number of issues surrounding the release, but we now need to add a green bar issue to the list. Majority users who have reported about the green line confirm that it runs from top to bottom on either side of screen.
    Texans wide receiver Will Fuller out with ribs injury vs. Rams

    Texans wide receiver Will Fuller out with ribs injury vs. Rams

    The second touchdown to Woods gave Goff his third 300-yard day of the season and this fourth multiple touchdown pass outing. The Houston defense, which ranked just 30th in scoring entering the game, proved problematic for the Rams early on.