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US-based American Tower Corp has got the approval of the Competition Commission of India to acquire a majority stake in telecom tower firm Viom Networks for ₹7,635 crore in an all-cash deal.
In the largest FDI in the telecom sector this fiscal year, American Tower Corp (ATC) will buy 51 per cent in Viom, which owns and operates about 42,200 towers and has another 1,000 mobile phone masts under construction from Tata Teleservices and SREI Infrastructure Finance.
In a tweet, the CCI said it has approved “acquisition of 51 per cent equity of Viom Networks Limited by ATC Asia Pacific Pte Ltd”.
“Under the agreement, American Tower may acquire or be required to acquire all or a portion of the remaining 49 per cent ownership stake in Viom,” a statement announcing the deal had said in October.
Also, as a pre-condition for the deal, ATC’s existing 14,000 telecom mobile masts will be merged with Viom.
Tata Teleservices Ltd owns 54 per cent of Viom, with the Kanoria family’s Kolkata-based SREI Group holding about 18 per cent with management control.
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