Idea Cellular is reportedly working on Rs 7,580 crore deal to sell its independent towers, drawing the interests of Malaysia's Axiata, Bharti Infratel and American Tower Corporation (ATC). India’s third largest mobile service provider owns and operates about 11,000 towers in the country.
Debt-laden after the expensive spectrum auctions, top domestic telcos have been seeking fresh capital-raising plans and value-unlocking moves. Idea Cellular, which raised Rs 3,000 crore through a qualified institutional placement process last year, carries a consolidated debt of Rs 14,000 crore in FY15.
Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.
