S'pore co to buy 3.8% in Quippo
Singapore-based Axious Investment is picking up 3.8% stake in standalone tower company Quippo Telecom Infrastructure.
By ET Bureau |
NEW DELHI: Singapore-based Axious Investment is picking up 3.8% stake in standalone tower company Quippo Telecom Infrastructure (QTIL). The deal size is estimated at around Rs 200 crore, although this could not be independently verified by ET.
According to an industry executive familiar with the development, Axious will buy out Delhi-based Premier Chemco���s 3.8% stake in QTIL, and this will involve a transaction between two private parties.
Tower companies hold the physical infrastructure, which carry cellular traffic. It must be pointed out that Axious Investment is picking up stake in QTIL and not in the Tata-Quippo merged entity.
Earlier this year, QTIL had picked up 49% stake in Wireless Tata Telecom Infrastructure (WTTI), the hived-off tower arm of the Tatas.
QTIL had made an upfront cash payment of Rs 2,400 crore and transferred its 5,000 towers to WTTI in exchange for Quippo getting 49% stake and management control of the merged entity.
As of January 2009, the merged entity had over 18,000 towers with an enterprise valuation of about Rs 13,000 crore ($2.6 billion). This implied that Quippo���s 5,000 towers were valued at about Rs 3,900 crore and industry analysts say that QTIL���s valuation has risen to a little over Rs 5,000 crore.
According to an industry executive familiar with the development, Axious will buy out Delhi-based Premier Chemco���s 3.8% stake in QTIL, and this will involve a transaction between two private parties.
Tower companies hold the physical infrastructure, which carry cellular traffic. It must be pointed out that Axious Investment is picking up stake in QTIL and not in the Tata-Quippo merged entity.
Earlier this year, QTIL had picked up 49% stake in Wireless Tata Telecom Infrastructure (WTTI), the hived-off tower arm of the Tatas.
QTIL had made an upfront cash payment of Rs 2,400 crore and transferred its 5,000 towers to WTTI in exchange for Quippo getting 49% stake and management control of the merged entity.
As of January 2009, the merged entity had over 18,000 towers with an enterprise valuation of about Rs 13,000 crore ($2.6 billion). This implied that Quippo���s 5,000 towers were valued at about Rs 3,900 crore and industry analysts say that QTIL���s valuation has risen to a little over Rs 5,000 crore.
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