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Idea Cellular reports Q2 net loss of Rs 1106.8 crore
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.
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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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