Vodafone India and Idea Cellular -- which are slated to merge soon -- have decided to sell their respective tower businesses in India to ATC Telecom Infrastructure for Rs 7,850 crore.
In a joint statement, the two companies said Idea will sell its entire holding in Idea Cellular Infrastructure Services Ltd (ICISL) while Vodafone will divest its business undertaking to ATC Infra.
"In the event that the completion of the sale of the standalone tower businesses precedes the completion of the proposed merger of Vodafone India and Idea, Vodafone India will receive Rs 3,850 crore (USD 592 million) and Idea will receive Rs 4,000 crore (USD 615 million)," the statement added.
The deal is expected to be completed by the first half of 2018.
The standalone tower businesses of Vodafone and Idea comprise a combined portfolio of nearly 20,000 towers.
The tower deal will not affect the merger terms of the two companies.
"The receipt of these proceeds prior to completion was ...
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