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Telecom | American Tower agrees to acquire Xcel Telecom

Telecom | American Tower agrees to acquire Xcel Telecom
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First Published: Tue, Mar 17 2009. 10 42 PM IST
Updated: Tue, Mar 17 2009. 10 42 PM IST
New Delhi: American Tower Corp. has agreed to acquire Indian wireless telecoms tower firm Xcel Telecom, the US-based firm said on Tuesday, without disclosing financial details.
‘The Economic Times’ newspaper had reported on Monday the deal would be worth more than Rs7 billion ($136 million), citing a person familiar with the transaction.
The acquisition of Xcel, which owns about 1,700 towers, will close in the second quarter, American Tower Corp. (ATC) said in a statement. “This deal will strengthen our base in India and give us access to a new set of clients and geographies where Xcel has established connections,” Amit Sharma, ATC’s president for Asia, said in the statement. Xcel is owned by an affiliate of Texas-based private investment fund Q Investments.
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No plan to hive off real estate, towers: MTNL
Mumbai: State-run telecom firm Mahanagar Telephone Nigam Ltd, or MTNL, has no plans as of now to shift its real estate and towers into a new arm, the company said on Tuesday, denying a newspaper report. ‘The Economic Times’ had reported on Tuesday that MTNL plans to spin off its real estate and mobile towers into a separate arm. The property and towers are worth at least Rs6,000 crore and will help MTNL raise funds by selling the assets or a possible listing, the report said.
Reuters
700 cities may get 3G services in 3-4 months
New Delhi: State-run telecom firm Bharat Sanchar Nigam Ltd (BSNL)plans to expand third-generation telephony services to 700 cities in three-four months, deputy director general (value added services) S.S. Sirohi said on Tuesday. “BSNL’s plans are in place for launching 3G services in 700 cities.
This should happen in three-four months,” he told reporters on the sidelines of an industry event. The state-owned company hopes that the expansion in 3G services will lift its average revenue per user by 5-10% within two years.
NewsWire 18
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First Published: Tue, Mar 17 2009. 10 42 PM IST