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Idea Cellular slips 3% on weak Q2 results

13 November 2017

The standalone tower businesses of Vodafone and Idea comprise a combined portfolio of almost 20,000 towers.

Revenue from operations of the company, which is merging its operations with Vodafone Group Plc's Indian unit, fell about 20 per cent to Rs 7,466 crore.

The Tower purchase would give Boston-based ATC, which operates nearly 150,000 communications sites globally, an additional 20,000 towers in a country with more than 1 billion mobile-phone subscribers. It merged its loss-making Indian mobile business with Idea, India's third-largest wireless operator, at the start of the year.

The company shares were trading down by 2.83 per cent at Rs 94.30 on the BSE.

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Idea Cellular has received an approval for sale of the company's standalone tower business held by its wholly-owned subsidiary, Idea Cellular (Q,N,C,F)* Infrastructure Services (ICISL) to ATC Telecom Infrastructure.

Earlier this year, Vodafone India and Idea Cellular announced their merger in order to become the largest telecom player in the country.

This is part of Vodafone and Idea's planned merger. The deal is expected to close in 2018.

The company's tower business reported a standalone revenue of Rs 758.5 crore for the FY17 with a net worth of Rs 662.3 crore.

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In a joint statement, the two companies said Idea will sell its entire holding in Idea Cellular Infrastructure Services Ltd (ICISL) while Vodafone will divest its business undertaking to ATC Infra.

The deal is subject to regulatory sign-off and is expected to complete in the first half of 2018.

Last week, Reliance Communications reported a consolidated loss of Rs 2,709 crore in the second quarter ended September 30, 2017, marking the fourth straight quarter of loss for the debt-laden company.

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Idea Cellular slips 3% on weak Q2 results