The transactions will help ATC strengthen its foothold in India's telecom tower sector. Idea Cellular Infrastructure Services Ltd, a unit of Idea Cellular, had around 9,900 towers with a tenancy ratio of 1.80 as of 30 September 2017. Idea's share of the sale to American Tower will be 40 billion rupees, while Vodafone India will get 38.5 billion rupees.
Idea Cellular today posted a loss of Rs 1,106.80 crore for the second quarter of the current fiscal, saying that the business was hit by pricing pressure and GST introduction in a "challenging" operating environment.
Idea will use proceeds from the tower sale to expand 4G coverage as well, Himanshu Kapania, the carrier's managing director, said by phone Monday.
Shares of Idea Cellular today fell almost 4 per cent after the company posted a loss of Rs 1,106.80 crore for the second quarter this fiscal.
"This transaction follows the Vodafone India/Ideamerger announcement of March 20, 2017 whereby the parties announced their intention to sell their individual standalone tower businesses to strengthen the balance sheet of the combined business", it said. The deal is expected to close in 2018.
Mint had reported in February that Idea Cellular was in talks to sell its tower assets in two separate deals thereby marking its complete exit from the tower business in which ATC had emerged the frontrunner to buy around 11,000 standalone towers from Idea.
Media reports have said KKR & Co LP, which along with Canada Pension Plan Investment Board, already owns over a 10th of Bharti Infratel, the only publicly-traded mast operator in India, is leading a group of investors to take control of the company.
The deal is subject to regulatory sign-off and is expected to complete in the first half of 2018.
Then, even if he has to retire from politics later, the Alabama governor can fill the seat by appointing another Republican. Senators like Mitch McConnell , Lisa Murkowski , and Ted Cruz called for him to step aside if the allegations are true.
Ronaldo took to Instagram to break the news and share a photo of the new happy family, including his eldest son Cristiano Jr . The Real Madrid star confirmed the child, named Alana Martina , was safe and well after joining the family on Sunday.
The receiver will then pop up a window asking the permission to connect and once you are there, you can now share files offline. You can install the app through the available file on any of your devices running Android 5.0 and above.
Local media reported that eight villages in Iran had been damaged by the quake and rescue teams had been sent to those areas. Iranian provinces in the northwestern, western and central areas of the country were also impacted.
It says a lot about where EA are at right now as a publisher and in the eyes of gamers that this news was met with alarm. Respawn is a bit of a titan itself in the game development arena, and here is hoping it does not fall.
The Browns had a second-and-10 when Kizer flared a pass to tight end Seth DeValve in the right flat for a nine-yard gain. The first half ended with the Browns running out of time at the Lions' 2-yard line and Detroit still in control 17-10.
At least 16 dead after boat capsizes in Andhra Pradesh
The boat overturned while it was returning from the Bhavani Island to the Pavithra Sangamam, where the Godavari meets the Krishna. Thirty-eight people were on board when the ferry capsized while turning toward the river bank, officials said.
Google Assistant's New Feature Can ID Songs
If you haven't ordered the Pixel Buds and think you might want to, you can head over the Google Store and pick them up for $159. Specifically, Verizon is now offering you up to 50% off a brand new Pixel 2 or Pixel 2 XL if you trade-in an eligible device.