GTL Infrastructure MoU with IDFC

GTL Infrastructure Ltd (GTL Infra) has announced that the Company has signed a Memorandum of Understanding (MoU) with IDFC Project Equity Company Ltd. (IDFC Project Equity), to form a Special Purpose Vehicle (SPV) that shall address the Telecom Tower Infrastructure acquisition opportunities.

The MOU will allow GTL Infra to pursue acquisitions and strategic investments into telecom tower infrastructure Companies being hived off by telecom operators and other Independent tower Companies.

Commenting on tile signing of MOU, Mr. Manoj Tirodkar, Chairman, of the Company said, "There are several opportunities available and the SPV with IDFC Project Equity will help us to pursue inorganic growth plans, to maintain our leadership position as the largest 3rd party Independent Telecom Tower Infrastructure Company".

This MOU is an extension of the ongoing relationship between IDFC the parent, and GTL Infra., IDFC owns around 5% stake in GTL Infra and is also participating in the Warrants Issue of the Company.

Both the Companies, IDFC Project Equity and GTL Infra, would proactively approach the telecom operators / independent tower Companies to make commercial offer, or jointly submit bids for acquisition of stakes, when such bids are sought.

As part of its organic growth plans GTL Infra, is in the process of rolling out a Pan India network of over 25,000 towers with an estimated investment of Rs 8000 Cr approx. The Company is already servicing 5 national level and one regional level telecom operators, and has entered into long-term contracts of 10-15 years.