Tata Teleservices has offered to sell half of its stake and IDFC its entire stake in mobile tower company ATC TIPL to majority shareholder American Tower Corporation (ATC) for Rs.2,940 cr. Tata Teleservices Ltd (TTL) has also offered to pay $320 million, or around Rs.2,360 cr., to ATC Telecom Infrastructure Pvt. Ltd (ATC TIPL) for termination of lease obligations following closure of its mobile services business and its affiliates. TTL will have option to sell another 50% stake in ATC TIPL in the beginning of the next fiscal.
Tata Tele, IDFC to sell stake in ATC’s India mobile tower arm for Rs.2,940 cr.
Date posted: Thursday 1 November 2018