Essar Telecom in talks with companies for consolidation
Essar Group company Essar Telecom on Saturday said it was in negotiations with several companies for consolidation, but no transaction has been finalised as of now.
By PTI |
MUMBAI: Essar Group company Essar Telecom on Saturday said it was in negotiations with several companies for consolidation, but no transaction has been finalised as of now.
Essar Telecom is in the passive infrastructure business. "We believe that mergers and consolidations are necessary in this industry. We are in discussions with several companies for such consolidation. However, no transaction has been finalised as yet," an Essar spokesperson said here.
There were reports that GTL Infrastructure (GIL), a subsidiary of Manoj Tirodkar-spearheaded GTL, has bought the tower business of Essar Telecom Infrastructure (ETIL) for around Rs 6,000 crore.
A GTL spokesperson denied any such development. GIL has more than 6,000 towers, while ETIL has 3,500 cell sites.
Essar Telecom is in the passive infrastructure business. "We believe that mergers and consolidations are necessary in this industry. We are in discussions with several companies for such consolidation. However, no transaction has been finalised as yet," an Essar spokesperson said here.
There were reports that GTL Infrastructure (GIL), a subsidiary of Manoj Tirodkar-spearheaded GTL, has bought the tower business of Essar Telecom Infrastructure (ETIL) for around Rs 6,000 crore.
A GTL spokesperson denied any such development. GIL has more than 6,000 towers, while ETIL has 3,500 cell sites.
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