Not surprisingly, the telecom tower business has started attracting private equity funds.

Reliance Communications has sold a 5 per cent equity stake in Reliance Telecom Infrastructure Ltd for $337.5 million. the  seven investors o included Fortress Capital, HSBC Principal Investments, Galleon Group, NSR PE, GLG Partners, Quantum Fund (George Soros) and DA Capital.

Bharti Airtel was reportedly in talks with Temasek Holdings and Warburg Pincus (which used to be a major shareholder in Bharti Airtel) for selling about 10 per cent stake in the tower company.

GTL Infrastructure Ltd (GIL), has reportedly received an investment commitment of around $250-275 million (Rs 1,000-1,100 crore) from a global private equity investor

Xcel Telecom has received an equity commitment of $500 million from Texas-based investment fund Q Investment.

Aster Tower, has received $35 million funding from New York Life Investment and Jacob Ballas Capital, while New Silk Route Private Equity (NSR-PE) is investing $56.7 million in Aster Infrastructure for a 72.5 per cent stake. Aster Tower is involved in owning telecom towers as opposed to Aster Infrastructure, which sets up both roof top and ground-based towers for third party telcos.