TTSL to offload remaining stake in tower arm to ATC for Rs 25 billion

Tata Teleservices Limited (TTSL) has sought the Department of Telecommunications’ (DoT) approval to sell the remaining stake in its tower firm to American Tower Corporation (ATC), for approximately Rs 25 billion. With this, ATC’s stake in ATC Telecom Infrastructure Private Limited (ATC TIPL) will increase to close to 90 per cent. The remaining stake in the company is held by funds owned by Macquarie. The decision to sell the remaining stake is an extension of the deal signed in October 2018 when TTSL sold nearly half of its stake to ATC. As per the deal, TTSL had an option to offload its remaining stake, which it must exercise in this fiscal year.