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Brookfield-backed Tower Infrastructure Trust has acquired Space Teleinfra Pvt Ltd (STIPL ) for Rs 900 crore.
Space Teleinfra is a shared telecom infrastructure provider for voice and data connectivity. It commenced operations in 2016 with a focus on providing telecom infrastructure to mobile network operators for Outdoor Small Cells (ODSC), in-building solutions (IBS), and Roof Top Towers. The company has a well spread customer base across all the three major mobile operators, with a pan-India presence.
Tower Infrastructure Trust is a SEBI registered Infrastructure Investment Trust sponsored by Brookfield and backed by leading global infrastructure investors. It has a significant market share of India’s outdoor macro tower market .
Ankit Goel and Radhey R Sharma, the founders of STIPL, will receive the consideration by way of a combination of cash and units in Tower InvIT through a preferential allotment of units.
“Considering the synergies with Tower InvIT, this transaction will outline significant growth opportunities for STIPL. With the onset of 5G and data consumption trends, seamless indoor connectivity becomes as essential as outdoor connectivity, and this transaction will open new horizons for STIPL. Through our ownership of units of Tower InvIT, we look forward to participating in the next chapter of growth in the shared Telecom Infrastructure business,” said Ankit Goel, Co-founder and Managing Director at STIPL.
“This transaction marks the coming of age of the indoor connectivity business in India. After this transaction, joint platform would now be able to offer pre-eminent and holistic solutions to MNOs, with best-in-class service offerings across segments. With the strong management teams of STIPL and Tower InvIT, and marquee investors, STIPL is well poised to continue its leadership position.” said Radhey R. Sharma, Co-founder and Director at STIPL.
In 2019, Brookfield Infrastructure Partners bought 1.3 lakh towers from Reliance Jio for about Rs 25,000 crore. After the deal, Brookfield became the sponsor of Tower Infrastructure Trust.
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