The board of Idea Cellular, has given green signal for the sale of its subsidiary Idea Cellular Infrastructure Services Limited’s (ICISL), standalone tower business to ATC Telecom for Rs. 4,000 crore.

It is expected that the sale of the tower business will be completed in the first half of 2018.

Moreover, Vodafone too sold its tower business in India to ATC Telecom, for an enterprise value of Rs 3,850 crore.

Both companies in their filings with the stock exchange stated that, the Vodafone and Idea Cellular Limited separately agreed to sell their tower businesses to ATC for a sum total of Rs.7,850 crore.

Further, a combined portfolio of the standalone tower business of both companies, comprises of about 20,000 towers with a tenancy ratio of 1.65 as on June 30, 2017.

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