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14 November 2017, 12:44 | Sammy Green
Idea Cellular’s revenue from operations fell about 20% to Rs7,466 crore
Further, SG&A associated with the assets is expected to be less than Rs 1 billion (approximately $10 million) for the first year. ATC is buying towers from Idea and Vodafone through Viom, now known as ATC Telecom Infrastructure Pvt. Ltd.
In the event that the completion of the sale of the standalone telecom tower businesses precedes the completion of the proposed Idea-Vodafone, Vodafone India will receive $592 million, while Idea will get $615 million.
A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd's logo on its shutter in Mumbai, India, April 28, 2014.
"After Vodafone India and Idea have completed their merger, ~6,300 colocated tenancies of the two operators on the combined standalone tower businesses will collapse into single tenancies over a period of two years without the payment of exit penalties", the companies said.
The sale of tower businesses by the mobile operators comes after cut-throat pricing unleashed by new entrant Reliance Jio Infocomm, backed by billionaire Mukesh Ambani's Reliance Industries, roiled the industry. Together, Idea Cellular and Vodafone India have a debt of Rs1.08 trillion.
Last year Vodafone made a painful $5bn to the firm's original $20bn investment in India.
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