Economy

Idea Cellular Reports Net Loss of Rs 1107 Crore in Q2

Idea Cellular Reports Net Loss of Rs 1107 Crore in Q2

ATC Telecom Infrastructure is majority owned subsidiary of American Tower Corporation. Ltd for about $1.2 billion.

Vodafone India and Idea announced their merger on March 20. Reliance Communications, struggling under a $7 billion in debt, has also revived efforts to sell a stake in its tower unit Reliance Infratel, after a prospective deal with Brookfield Asset Management fell apart last month. "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. Jio's pricing strategy has hurt rivals' profits as they try to match low tariffs and also pushed some carriers to consolidate operations.

The joint statement by the companies further mentioned that their tower businesses - which are pan-Indian passive telecommunication infrastructure businesses - comprises of about 20,000 towers (combined) with a combined tenancy ratio of 1.65x, as recorded till June 30.

More news: Texas gunman escaped mental health facility in 2012, threatened military superiors

Vodafone will net $592m from the deal with Indian partner Idea Cellular receiving $615m. The deal is expected to close in 2018.

Idea will sell its entire stake in ICISL, and Vodafone India will sell a business undertaking to ATC TIPL. Shares of Idea traded at Rs 94.90 a piece, down by 2.22% on the BSE in the early trading hours Monday which then went down by 5.62 per cent down at Rs 91.60 on BSE.

The sale transfer of independent tower assets is expected to be completed by the first half of calendar 2018 and is subject to necessary regulatory approvals, Idea Cellular said. Accordingly, private equity funds KKR and Canadian Pension Plan Investment Board (CPPIB) had emerged as the top contenders.


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