Vodafone draws a line under Indian experiment with $1.2bn towers sale
Nov 14, 2017, 00:43
According to media reports, the company is planning to beef up its tower assets before selling a controlling stake in the business to a consortium led by private equity firm KKR & Co.
"The standalone tower business of Idea and Vodafone India are pan India passive telecommunication infrastructure business, comprising combined portfolio of approximately 20,000 towers with combined tenancy ratio of 1.65x as of 30th June 2017", it said in filing with stock exchanges.
The merger is aimed at dominating a market which billionaire Mukesh Ambani's Reliance Jio Infocomm Ltd has disrupted with free voice calls and low data prices.
"We expect the addition of these two high quality portfolios to be highly complementary to our existing assets and to contribute to long-term leasing growth as India's leading mobile operators accelerate their 4G network deployments", said Jim Taiclet, ATC's CEO.
The deal also comes as Idea seeks to pay down debt as it prepares to merge with Vodafone India to surpass Bharti Airtel Ltd.as the country's largest phone operator by subscribers.
Vodafone (LON:VOD) has inked a deal to sell its standalone tower business in India, the blue-chip telco has said. Idea would get 40 billion rupees from the deal, while Vodafone will get the remainder, the company said. The merger is expected to be completed in 2018.
Shares of Idea Cellular today fell almost 4 per cent after the company posted a loss of Rs 1,106.80 crore for the second quarter this fiscal.
Indus-the biggest tower company-is a three-way joint venture among Idea, Vodafone and Bharti Airtel, which also controls Bharti Infratel. The transaction is expected to take place during the first half of the calendar year 2018.
However, some of iPhone X users who reported the issue on forums confirm that Apple is replacing the affected units free of cost. Replacing a cracked iPhone X display will cost $279; if the back is cracked as well, the fix bill rises to a whopping $549.
Trump noted that countries outside of APEC were making great strides in this new chapter for the Indo-Pacific. Modi will travel to the Philippines on Sunday to attend the India-ASEAN and East Asia Summits.
Shortly after that speech, North Korean officials told CNN, "We don't care about what that mad dog may utter", referring to Trump. The North Korean foreign ministry reportedly called Trump's Asia trip a "a warmonger's trip for confrontation with our country".
China claims nearly the entire South China Sea, with competing claims from Taiwan, Vietnam, the Philippines, Malaysia and Brunei. Pilita Corrales upon the orders of the Commander-in-Chief of the United States", the Philippine president revealed .
The planets, which orbit the sun about 416 million miles apart, will be just 17 arcminutes from each other when viewed from Earth. Observers will have to have an uninterrupted view to the south-east as the planets will be very low in the sky.
Gradually, the lineup became pretty successful and the company is launching a number of Galaxy A smartphone models every year. The leaked renders revealed that both the smartphones will come loaded with Infinity displays and dual front-facing cameras.
If it qualified for the Russia World Cup, this would have been its fourth consecutive participation in FIFA's flagship tournament. Before today's matches, Morocco had 9 points while the Ivorians had 8 points; meaning the victor of the match would qualify.
The brakes are equally monstrous two-piece carbon ceramic rotors, with fixed six-piston aluminum calipers at the front. Two aero packages will be available for the all-new ZR1; the standard Low Wing and the two-way adjustable High Wing.
14 drown as boat capsizes in Krishna river
This incident comes after 22 people died after a boat capsized on Yamuna River in Uttar Pradesh's Baghpat. The boat with around 38 persons was heading to the Pavitra Sangamam Ferry ghat near Ibrahimpatnam.