 Quippo Telecom completed the acquisition of 49 % stake in TTSL’s tower arm WTTIL for Rs 2,367 crore, reports PTI.
"We have closed the deal with Tata Teleservices''s Wireless-TT Info-Services Ltd (WTTIL) and have made a payment of Rs 2,367 crore. Quippo now will have four new members in the WTTIL board," Quippo Telecom Infrastructure (QTIL) Director Sunil Kanoria told PTI.
The amount paid was for 30 % stake as for the remaining 19 % stake the firm will transfer 5,000 towers to the new JV formed with WTTIL. The combined entity is estimated to have 18,000 towers.
The development also results in Quippo’s Sunil Kanoria, Hemant Kanoria, representative each from IDFC and Oman Investment Fund joining WTTIL’s Board. |