Monday, 20 November, 2017

Idea Cellular posts bigger-than-expected Q2 loss; shares plummet almost 3%

Idea Cellular, Vodafone to sell tower businesses to ATC Telecom for ... Idea, Vodafone India to sell tower business to ATC Telecom Infrastructure
Kayla Schwartz | 13 November, 2017, 10:39

The assets include around 20,000 towers around India with a combined tenancy ratio of 1.65x at the end of June.

Idea Cellular Ltd is now trading at Rs 94.2, down by Rs 2.85 or 2.94% from its previous close of Rs 97.05 on the BSE after the company has reported net loss of Rs 1,108 crore against net profit of Rs 91.5 crore. ATC will remain a long-term supplier to the merged mobile operator.

American Tower Corp. agreed to buy mobile-phone towers from Vodafone Group Plc's Indian business and Idea Cellular Ltd. for 78.5 billion rupees ($1.2 billion).

"The sale of the company's standalone business will be achieved through the sale of the entire shareholding of ICISL (Idea Cellular Infrastructure Services Ltd) by the company comprising 60,000 equity shares of Rs10 each to the purchaser", the Idea Cellular said in an exchange filing on Monday.

The infrastructure sale will help Vodafone to draw a line under its troubled investment in India.

President Widodo, Entourage Arrive in Manila to Attend the ASEAN Summit
This is the first Prime Ministerial visit to the Philippines from India in 36 years since the visit by Indira Gandhi in 1981. The US had said it was looking at a "working-level" quadrilateral meeting in the near term with India, Japan and Australia.

Both Vodafone and Idea had earlier this year announced their plans to merge into a single entity. Idea will get Rs 4,000 crore (and Vodafone Rs 3,850 crore) from the tower deal if sale completion precedes telcos' merger. On consolidated basis, the company reported revenues of Rs 272.40 crore and net worth was Rs 175.80 crore.

India, the world's No.2 mobile phone market, has been rattled by the aggressive pricing of Jio, the telecoms arm of billionaire Mukesh Ambani-controlled Reliance Industries.

India's second largest telecom operator Vodafone India will sell its business undertaking to ATC Infra.

The agreement, subject to closing conditions and regulatory approval, is expected to be completed during the first half of 2018, ATC said in a statement on Monday.

The company had a net debt of Rs 54100 crore at the end of September quarter.

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