Tata Teleservices (TTSL) and Quippo Telecom has merged their passive infrastructure business, pursuant to which the combined entity will become the largest independently managed tower company in the country with a valuation of Rs 13,000 crore.

Also Read   News Now Paper Specials - Sensex makes remarkable recovery, regains 17K - WKLY TECH ANALYSIS: Markets await a clear direction - Shubhalakshmi Panse takes charge as Vijaya Bank ED - S C Kalia takes over as Union Bank ED - PNB may acquire majority stake in Kazakh bank More     Also Read   News Now Paper Specials - RIL offers to buy Dutch petrochem firm - ICICI raises $750 mn in overseas bonds - IOC fire burns Rs 100-cr hole in GIC's pocket - Kurbaan could be Karan Johar's first flop - Hershey trust pushes $17-bn offer for Cadbury More   Also Read   News Now Paper Specials   - Q3 FY09 Results: Earnings Season - Saving Satyam: Govt gets into action - India-Pakistan Tensions: Fallout of Mumbai Terror Attack - Your Money: Where to invest - Market Crash: Global worries weigh - Time Out: Books, fashion, food, travel, sports, health...  More

Under the terms of this partnership, Tata Teleservices and Quippo Telecom will swap 51 per cent and 49 per cent stake, respectively.

Consequent to the merger, the management rights in the tower arm of Tata Teleservices -- Wireless-TT Info-Services (WTTIL), would move over to an independent management run by Quippo Telecom.

Quippo Telecom would make an up front cash payment of Rs 2,400 crore and would also transfer its passive telecom tower portfolio of 5,000 tower to WTTIL, the company said.

The combined entity would have over 18,000 towers and would thus become the largest independently managed tower company in the country.

Other Stories      - Sensex makes remarkable recovery, regains 17K - S C Kalia takes over as Union Bank ED - PNB may acquire majority stake in Kazakh bank - Maoist hindering land acquisition for Tata steel project: Raman - Koda says he will report to ED only after Jharkhand polls More

Read Business news in  Advertisements   Get financial advisory and solutions for your projects   Holidays starting at a delightful EMI of Rs 3481   Switch on and say hello to Monday morning !   Your dream home can now be a reality.   Visit Fortis for a preventive health check-up & get a 20% discount.   Follow the ups and downs of your investments. Try our new Portfolio Tracker   Kolkata Dock \ Freight contract for the British Gurkhas Nepal   Find how Midsize Businesses use ERP to gain competitive advantage   Trading in Forex is now as easy as 1-2-3   Discover an economical and cost effective way to market your products and services   Giftwithlove.com: Same day delivery of Flowers and Cakes to India   Download the E-book on the Future of Business Intelligence   Learn Best Practices for improving customer satisfaction   Know your customers better... download the free e-book on CRM