Bids received for acquiring 58 per cent stake in GTL Infrastructure

Lenders to GTL Infrastructure have received bids for the acquisition of a 58 per cent stake in the telecom tower company. Among the bidders are the Bain-Piramal joint venture asset reconstruction company, Aion Capital and Beam Investments. GTL has 16 lenders which include the State Bank of India, IDBI Bank, the United Bank of India and Dena Bank. The lenders are expecting to receive approximately Rs 100 billion from the stake sale. The bids submitted also include assets of Chennai Network Infrastructure Limited, a company that was acquired by GTL in 2010. GTL had gone for strategic debt restructuring (SDR) in 2016. Under the scheme, the lenders had converted their debt of about Rs 85 billion into equity and have been looking to sell it. The stake sale is a part of the SDR process.