Tower Vision India Pvt Ltd, a Gurgaon-based independent tower management company, is raising $300 million (Rs 1,387 crore) from a consortium of international investors led by Quadrangle Capital Partners LLC. The company plans to use the funds to expand its tower portfolio, it said in a statement. With this deal, the New York-headquartered Quadrangle forays in India.
The deal comes barely a few weeks after GTL Infrastructure bought Aircel’s tower business for Rs 8,400 crore last month, which was the largest M&A transaction in India in the last 14 months.
Apart from Quadrangle, seven other global institutional investors are also a part of the consortium for the round. However, the company did not divulge specific details of the transaction.
Quadrangle exclusively targets communications, media and information services industries for investments. It currently has $3 billion in assets under management, and has an office in Hong Kong as well. Its investments include movie studio Metro-Goldwyn-Mayer and Alpha Media, parent of men’s magazine Maxim.
Tower Vision claims to be the second largest independent tower company with 5,000 sites and operations across 14 telecom circles in India. Amit Ganani, CEO, Tower Vision, says, the funds will help the company to aggressively expand its business and support its customers in passive infrastructure solutions.
According to an Economic Times report, this is the second major capital infusion into TowerVision. Earlier in 2008, it raised about Rs 1,350 crore with Morgan Stanley contributing a significant share for an equity stake in the company.