GTL Infra gears up for sale as tower business consolidation picks up

Expects total debt to fall from Rs 8,200 cr, following conversion of debt to equity by banks

It’s raining mergers and acquisitions (M&As) in the Indian telecom tower sector. Within days of Bharti Infratel selling a 10.3 per cent stake for Rs 6,200 crore to a private equity fund and a pension investor, BSE-listed GTL Infrastructure is getting ready for a sale at an estimated equity valuation upwards of Rs 10,000 crore, after a merger with its associate company Chennai Network Infrastructure (CNIL). 

The valuation takes into account recent M&A transactions in the sector and its own earnings estimates for 2017-18, say bankers involved in the deal. 

GTL Infra went for strategic debt restructuring (SDR) last September.