KEC International to sell telecom assets to ATC

Infrastructure company KEC International Limited has entered into an agreement to sell its telecom assets in three states to ATC Telecom Tower, a filing by the firm in the Bombay Stock Exchange (BSE) said here on Thursday.

"KEC International Ltd. has informed BSE that the company has entered into a binding agreement for sale of its telecom assets in the states of Chhattisgarh, Meghalya and Mizoram consisting of 381 telecom sites to ATC Telecom Tower Corporation Private Limited," the filing said.

"The transaction is subject to obtaining necessary regulatory and third party approvals and complying with the conditions mentioned in the agreement," it added.

KEC is an infrastructure engineering, procurement and construction (EPC) major, with presence across power transmission, power systems, cables, railways, telecom and water space.

The company's stock was trading around Rs.110 per stock, up 9.13 percent in the BSE at 4 p.m.