Tower Vision bags Rs 250 cr order from Spice

Tower Vision, a telecom company owned by UK-based Ashmore Investment Management, has bagged a Rs 250 crore contract from Spice Communications to build and lease out 1,000 tower sites.

Tower Vision has been present in India since July 2005 when it started a techno-financial mobilisation but formally launched its Indian operations in January this year after receiving FIPB approval.

"We have inked a Rs 250 crore deal with Spice Communications to build and lease out 1,000 tower sites in Punjab and Karnataka," Tower Vision's CEO Amit Ganani said.

This is the company's first Indian order, he said, adding, "we are expecting more of such orders from other cellular operators in near future."

"Tower Vision is also in negotiations with other cellular operators for similar deals, which are likely to be finalised very soon," he said.

The project has already been started and we have delivered about 250 tower sites to Spice Communications, Ganani said.

"In the next five years, India will require about 100,000 tower sites. So, we see a wide emerging market in this field," he said.

The cost of a passive tower ranges between 15-30 lakhs, depending on whether it's ground-based or roof-top, he said.

The company would also open a new office in Mumbai in the next 2-3 months, he said.