GTL, IDFC launch SPV for telecom tower infrastructure acquisition

Mumbai, Nov 20 (UNI) Leading telecom infrastructure company, GTL Infrastructure, has signed an MoU with IDFC Project Equity Company to form a Special Purpose Vehicle (SPV) that shall address the telecom tower infrastructure acquisition opportunities.

IDFC Project Equity is a wholly-owned subsidiary of Infrastructure and Development Finance Corporation which owns around 5 per cent stake in GTL Infrastructure and is also participating in the warrants issue of the company.

The MoU is aimed towards strengthening of GTL Infrastructure to pursue acquisitions and strategic investments into telecom tower infrastructure companies being hived off by telecom operators and other independent tower companies.

Commenting on the signing of MOU, GTL Infrastructure chairman Manoj Tirodkar said, ''There are several opportunities available and the SPV with IDFC Project Equity will help us to pursue inorganic growth plans.'' Both the companies, the IDFC Project Equity and GTL Infrastructure, would proactively approach the telecom operators and tower companies to make commercial offer, or jointly submit bids for acquisition of stakes, when such bids are sought.

As part of its organic growth plans, GTL Infrastructure is in the process of rolling out a pan-India network of over 25,000 towers with an estimated investment of Rs 8000 crore. The company is already servicing five national and one regional level telecom operators.

UNI