GTL Joins Hand With IDFC, Looks For Buyouts

Mumbai: Passive telecom infrastructure firm GTL Infrastructure (GIL) is mulling to acquire strategic stakes in telecom tower firms that are being diverted by service providers and independent companies. GIL, together with IDFC Project Equity, has floated a special purpose vehicle (SPV) to scout for acquisitions. IDFC is a promoter company of GTL and holds 5 per cent stake in GTL Infrastructure. The company had declared establishing of 25,000-shared telecom towers in the next three years, with an investment of around $1.7 billion. The company had mopped up $300 million via a foreign currency convertible bond (FCCB) issue, while it has been approved a $700 million debt by domestic and international banks. GIL had also mopped up $85 million via a $250 million rights issue to its promoter group.