QTIL-WTTIL to buy tower business from TTML

Tata Teleservices Maharashtra Ltd. (TTML) announced that it would sell its 100% stake in its tower arm 21st Century Infra Tele Ltd. (TFCITL) to QUIPPO-WTTIL. As part of this deal, TFCITL’s entire portfolio of 2535 towers in Mumbai, Maharashtra and Goa will be acquired by QUIPPO-WTTIL at an enterprise value of Rs13.18bn. The transaction will provide strategic advantage to QUIPPO-WTTIL as it will complement the tower portfolio of the company in Mumbai, Maharashtra and Goa, where QUIPPO-WTTIL does not have a significant presence currently. The TFCITL portfolio, with a high tenancy ratio of 2.15, will further strengthen QUIPPO-WTTIL's current tenancy ratio. This transaction will take the overall portfolio of QUIPPO-WTTIL to over 38,000 towers nationally. This transaction will also bring immense benefit to QUIPPO-WTTIL with the 3G and WiMax auctions to be conducted shortly.