Srei Infrastructure Finance has completed the stake sale in Viom Networks to American Tower Corporation (ATC) for Rs 2,931 crore.

According to a company official Srei has sold its entire 18 percent stake in telecom tower company Viom where in the Tatas and few others had shareholding.

Along with other shareholders, the firm had entered into a definitive agreement with ATC on October 21, 2015 to sell its stake in Viom.

Sunil Kanoria, Srei Vice Chairman and MD of Viom has said that “Post the receipt of all regulatory approvals, the transaction has been completed and we have now received the entire consideration for our stake sale. “This will lead to substantial cash inflow into Srei, which will lower its debt and reduce interest cost, thereby augmenting capital and improving future profitability.”

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