Published: Tue, November 14, 2017
Money | By Charlene Sutton

Crore Loss In September Quarter

Crore Loss In September Quarter

As per reports, Idea's tower business will be sold at an enterprise value of 40 billion rupees ($613 million) to ATC Telecom Infrastructure Pvt Ltd, a unit of American Tower Corp, Idea Cellular said in a statement. While Idea and Vodafone are merging their mobile-phone businesses, market leader Bharti Airtel Ltd has snapped up several smaller operators.

Under this merger, Vodafone India will get an implied enterprise value of Rs. 82,800 crores and Idea Rs. 72,200 crores.

ATC Telecom is a network of 20,000 towers across India.

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Idea, the third-biggest Indian network operator by revenue and subscribers, said on Monday it suffered a net loss of 11.07 billion rupees in its second quarter ended September 30, which compared with a net profit of 915 million rupees in the same period a year ago but was less than the 11.25 billion-rupee loss expected on average by analysts.

Canada's Brookfield, which called off talks to buy a stake in struggling Indian network operator Reliance Communications masts arm, has said it is open to acquiring the business under revised terms, while it looks at other potential opportunities in the India. It will have revenue of Rs81,600 crore and an operating profit of Rs24,400 crore.

Shares of Idea Cellular were trading at Rs 94.90 a piece, down by 2.22% on the BSE in the early trading hours Monday. The merger is expected to be completed in 2018.

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The merged entity will avoid payment of exit penalties as the combined standalone tower businesses will collapse into single tenancies over a two-year period.

In addition to the standalone tower business, Idea also owns 16% stake in Indus Tower Ltd, which is a three-way joint venture between Idea Cellular (through its unit Aditya Birla Telecom Ltd), Bharti Infratel Ltd and Vodafone India.

The agreement, subject to closing conditions and regulatory approval, is expected to be completed during the first half of 2018, ATC said in a statement on Monday.

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