With the deal with ATC, Idea Cellular would get Rs 4,000 crore, while Vodafone would get Rs 3,850 crore.
Vodafone India and Idea Cellular are in the process of merging operations to create one of the biggest entity in India's telecom sector. Under which, both the companies would sold off their tower assets worth Rs 7,850 crore to American Tower Corp.
At present, the two operators have around Rs 20,000 towers.
With the deal with ATC, Idea Cellular would get Rs 4,000 crore, while Vodafone would get Rs 3,850 crore.
"The standalone tower businesses of Vodafone India and Idea are pan-Indian passive telecommunication infrastructure businesses, comprising a combined portfolio of approximately 20,000 towers with a combined tenancy ratio of 1.65x as at June 30, 2017," a joint statement from Idea and Vodafone read.
"Both Vodafone India and Idea as customers, and ATC as a mobile network infrastructure provider, have agreed to treat each other as long-term preferred partners, subject to existing arrangements. The parties will work together to further the expansion of high speed mobile networks in India," it added.
After Vodafone India and Idea have completed their merger, 6,300 company-located 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 receipt of the proceedings from the sale of towers, prior to completion of the merger, was anticipated and provided for in the merger agreement and hence would not affect the agreed terms of the the Vodafone India and Idea merger, including the amount of debt which Vodafone will contribute to the combined company at completion.
For ATC, the deal strengthens its position in the Indian market. The American company had earlier acquired controlling stake in Viom Networks.
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