GTL Infra, IDFC to form SPV for telecom tower buyouts

New Delhi, Nov 20 (UNI) GTL Infrastructure Ltd, the country's largest stand alone tower and telecom infrastructure firm, today said it will form a special purpose vehicle (SPV) with IDFC Project Equity Company Ltd for addressing the telecom tower infrastructure acquisition opportunities.

In this direction, a memorandum of understanding (MoU) has been signed, which will allow GTL Infra to pursue acquisitions and strategic investments into telecom tower infrastructure companies being hived off by the telecom operators.

''There are several opportunities available and the SPV with IDFC Project Equity will help us to pursue inorganic growth plans, to maintain our leadership position as the largest third party independent telecom tower infrastructure company,'' GTL Infra Chairman Manoj Tirodkar said.

IDFC owns about five per cent stake in GTL Infra and is also participating in the warrants issue of the company.

Both the companies, IDFC Project Equity and GTL Infra, would proactively approach the telecom operators/independent 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 Infra is in the process of rolling out a pan-India network of over 25,000 towers with an estimated investment of about Rs 8,000 crore.

The company is already servicing five national level and one regional level telecom operators, and has entered into long-term contracts of 10-15 years.

UNI