Idea Cellular to transfer telecom towers to subsidiary Idea Cellular Infrastructure Services

Idea Cellular has announced that it will transfer the 7,997 telecom towers that it owns and operates across the country to its subsidiary, Idea Cellular Infrastructure Services Limited (ICISL). ICISL currently offers tower infrastructure services in Bihar and Odisha. To implement this transaction, a business transfer agreement will be executed between Idea Cellular and ICISL. ICISL will issue approximately 10,000 equity shares to Idea Cellular in consideration for the tower infrastructure undertaking. The tower transfer to ICISL is expected to be completed within three-six months subject to obtaining requisite regulatory approvals.