American Tower Corporation (ATC), a global wireless infrastructure solutions provider, plans to invest $2 billion (over Rs.13,000 crores) in India, Telecom Minister Ravi Shankar Prasad said. This will be in addition to the over Rs.5,800 crore that the firm will be putting in to acquire 51 per cent stake in Viom Networks — an independent tower company in India.The acquisition was approved by the Cabinet Committee on Economic Affairs which met under Prime Minister Narendra Modi on Wednesday.
ATC had announced in October lastits plans to buy 51 per cent stake in Viom, which owns and operates nearly 42,200 towers. The CEO of American Tower James D Taiclet Jr met me on Tuesday. He assured me that they will invest $2 billion more in India as it an important communications market,” Mr. Prasad said. While it is not clear in which areas the company plans to invest and whether it will acquire the balance 49 per cent stake in Viom Networks, sources said Mr. Taiclet, during his meeting with the minister, showed keen interest in participating in the government’s key Digital India initiative.
Talking to reporters, Mr. Prasad said, “The CCEA has given its approval to Singapore-based mobile tower company ATC Asia Pacific for acquisition of 51 per cent of shareholding in Indian firm Viom Networks Ltd. by way of transfer from existing shareholders.”
