Cash strapped? Idea to sell its telecom towers for Rs 7,580 crore
Advertisement
Advertisement
In a bid to raise fresh capital, telecom major According to a report by ET, top telecom service providers became debt laden following the spectrum auctions. Since then, they have been looking at ways to infuse fresh capital into the company.
It should be noted that currently Idea has an overall debt of Rs 14,000 crore and had raised Rs 3,000 crore through qualified institutional placement process last year. Rival
Interestingly, Malaysia’s Axiata, which also has minority stake in the Idea, has been interested in buying the company’s independent tower arm for some years. According to a media report, the foreign company had also submitted a proposal to acquire these towers.
Currently, Idea, the third largest service provider has nearly 11,000 towers in the country.
Advertisement
Image Credit: Indiatimes.com
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Audi to hike vehicle prices by up to 2% from June
- Kotak Mahindra Bank shares tank 13%; mcap erodes by ₹37,721 crore post RBI action
- Rupee falls 6 paise to 83.39 against US dollar in early trade
- Markets decline in early trade; Kotak Mahindra Bank tanks over 12%
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema