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| ATC acquires Transcend Infrastructure |
| Announcement / Corporate Oct 30, 2009, 18:39 IST |
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ATC announced that it has acquired 100 percent shares of Transcend Infrastructure ("Transcend") from Insight Infrastructure Limited of Singapore, for approx. Rs. 95 crores.
Transcend owns and operates approximately 325 wireless communication Sites in Bihar, Orissa, West Bengal, Assam and North East and has an average tenancy of 1.3 on its sites.
Speaking on the acquisition, Mr. Amit Sharma, President, ATC Asia, said, "This acquisition is in line with our commitment and growth strategy for India. Transcend's strong regional portfolio, along with a team that has great expertise and experience in building and managing towers in difficult terrains, will help further consolidate ATC's position as one of the fastest growing independent tower companies in India. We will use the Transcend platform to jump start our growth in the eastern circles where a majority of cellular operators are rolling out their networks.”
"In building Transcend, we have stuck to a laser-sharp strategy of focusing on just one region in India and on anchoring our business on high quality telcos. We are pleased that this strategy and its effective execution has been validated by our east India tower platform being bought by a world leader like ATC" said Udhay Mathialagan Founder and CEO Insight Infrastructure.
This is the second acquisition for ATC in India. In May 2009, ATC completed an acquisition of XCEL Telecom Private Ltd. With this acquisition, ATC’s combined India portfolio exceeds 2,500 sites.
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