GTL acquires Aircel tower business, eyes expansion

   GTL Infra, part of the diversified Global Group, on Thursday agreed to buy the telecom mast assets of the Malaysian controlled domestic mobile operator Aircel for Rs 8,400 crore in an all cash deal.

Besides, GTL Infra, plans to erect 20,000 more towers of its own to enhance its scale and footprint. The company plans to fund this transaction through fresh equity worth Rs 3,400 crore, while the balance would be debt funded by a consortium of banks led by SBI Caps. GTL Infra has structured the deal through a special purpose vehicle which will purchase the 17,500 existing towers of Aircel and its group subsidiaries.

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