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14 November 2017, 12:42 | Austin Hogan
Idea Cellular’s revenue from operations fell about 20% to Rs7,466 crore
Vodafone and Idea Cellular announced today that they had agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure for an aggregate enterprise value of INR78.5 billion ($1.2 billion). According to media reports, the company is planning to beef up its tower assets before selling a controlling stake in the business to a consortium led by private equity firm KKR & Co. The following year, it bought 4,629 towers from Essar Telecom.
Idea and Vodafone India have a total of about 20,000 towers, with 1.65 tenants each on average, as of 30 June 2017.
A hotel employee clears a table after Vodafone Group and Idea Cellular news conference in Mumbai, India March 20, 2017.
Idea Cellular has posted a loss of Rs 1107.
That move comes as Idea and Vodafone's India business get set to merge, and begin selling off assets for debt repayment.
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The transactions are expected to generate approximately Rs 21 billion (approximately $320 million) in property revenue and approximately Rs 8 billion (approximately $120 million) in gross margin during their first full year in American Tower's portfolio, at current exchange rates.
Vodafone will net $592m from the deal with Indian partner Idea Cellular receiving $615m.
India's telecom industry has been in a consolidation mode since a year ago when billionaire Mukesh Ambani-led Reliance Jio Infocomm Ltd launched its operations with free voice services and rock-bottom data tariffs.
Idea and Vodafone have been exploring options to sell their stake in Indus.
Telecom tower operator Bharti Infratel Ltd said on Monday it has made a decision to. "The receipt of these proceeds prior to completion was anticipated and provided for in the merger agreement and hence would not affect the agreed terms of the Vodafone India and Idea merger, including the amount of debt which Vodafone will contribute to the combined company at completion", it added.
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