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Our Bureau

New Delhi , Jan. 2

Telecom infrastructure provider GTL Infrastructure Ltd's board on Tuesday approved a rights issue at par to part finance the company's plans to set up a pan-India passive telecom network of 6,700 towers with a capital investment of Rs 2,030 crore.

The rights issue would be in the ratio of one share for every share held by existing shareholders, subject to necessary approvals if any, the company said in a release.

The issue date will be announced later.

Mr Manoj Tirodkar, Chairman, GTL Infrastructure Ltd, said: "The Indian telecom industry is witnessing rapid growth with the initiatives taken by the government and the overwhelming demand for telecom infrastructure from the telecom operators, we see tremendous growth potential countywide in this segment in terms of requirement for telecom infrastructure. To address this huge opportunity, we have planned to raise capital through rights issue, to enable the existing shareholders to participate in the growth of the company."

GTL provides shared user passive telecom infrastructure such as cellular towers to the telecom operators. It has already begun rolling out a pan India passive telecom network of 6700 towers, to be completed by FY08 in its Phase I. GIL is engaged in projects on a Build, Own & Operate (BOO) model basis.

"The Company has been formed to tap the huge infrastructure outsourcing requirements in the telecom infrastructure in India. GTL Infrastructure will take care of the entire spectrum of activities including the design, construction and maintenance of the infrastructure," said the press release.

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