Home » Tech

Vodafone draws a line under Indian experiment with $1.2bn towers sale

13 November, 2017, 10:35 | Author: Nadine Todd
  • Idea Cellular, Vodafone to sell tower businesses to ATC Telecom for ...

The combined entity of Vodafone India and Idea Cellular, which are now India's number 2 and 3, respectively, would dislodge Bharti Airtel to counter the bruising price war in the world's second-largest telecom market.

Shares of Idea were trading 2.78 per cent down to Rs 94.35 a piece on BSE.

As part of the transactions, Vodafone and Idea Cellular would get the service level and process efficiency benefits from American Tower, means these two telecom operators would continue to get usual service from these tower sites.

The company said its while broadband data usage almost doubled, the rate realisation "continued its free fall" during the three months ended September.

This is part of Vodafone and Idea's planned merger.

"After Vodafone India and Idea have completed their merger, ~6,300 co-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", according to an official statement read.

"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", Idea and Vodafone said in a joint statement. 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. The approval of shareholders and creditors for the merger has already been taken following a meeting organised by Idea under NCLT's supervision in October, it noted. The company's consolidated revenue for the quarter came in at Rs 7,460.5 crore, registering 19.7% yoy decline.

Idea, India's No. 3 wireless carrier posted a loss of 11.07 billion rupees ($169.45 million) in the quarter ended September 30, compared with a profit of 915 million rupees a year earlier.



Rudy Gobert out 4-6 weeks with bone contusion
"Kind of like the same thing that happened before on my MCL so my knee just went inside and kind of popped inside and back out". The Jazz are sitting at 6-7, a part of the jumble of also-rans expected to compete for the last few playoff spots in the West.

Some iPhone X buyers report annoying green line on screen
One user says the issue is so bad for him that the cracking occurs even around 50 percent volume. Several iPhone X users took to Twitter to vent their frustration.

Chevrolet Corvette ZR1 debuts with 6.2L V8, makes 755 HP
Few were assembled through 1972, because in order to get the ZR1 goody bag, Corvette buyers needed to pass on creature comforts. American muscle comes in many shapes and forms, but none are as savage as this - the new 2019 Chevrolet Corvette ZR1 .

Classy Alexander Zverev clinches three-set win over Marin Cilic
The Swiss star has triumphed at the season ending event, which features the top eight men's players, on six previous occasions. The ATP Finals found a new crowd favourite on Sunday night when Alex Zverev produced a fine comeback to beat Marin Cilic .

Six craziest moments of Jaguars-Chargers game
Rivers finished the game with 235 yards and two touchdowns, but his lone interception proved to be the difference in the game. An unnecessary roughness penalty on Bosa put the Jaguars at the Los Angeles 20-yard line with 20 seconds left in the game.