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ATC FDI nod: Co says investment reflects long-standing commitment to India

After the government's nod for ATC Asia Pacific buying about 12 per cent stake in ATC Telecom Infrastructure for Rs 2,480 crore, the company said the investment reflects its long-standing commitment to the country and the Digital India mission.

PTI | New Delhi | Updated: 25-11-2020 22:09 IST | Created: 25-11-2020 22:09 IST
ATC FDI nod: Co says investment reflects long-standing commitment to India

After the government's nod for ATC Asia Pacific buying about 12 per cent stake in ATC Telecom Infrastructure for Rs 2,480 crore, the company said the investment reflects its long-standing commitment to the country and the Digital India mission. "Since 2007, we have invested Rs 24,000 crores in building and acquiring digital telecom infrastructure in India and our portfolio now stands at approximately 75,000 telecom sites supporting all mobile operators throughout the country," Amit Sharma, executive vice president and president - Asia, ATC, said in a statement. ATC India is a subsidiary of American Tower, one of the largest global REITs and a leading independent owner, operator and developer of multi-tenant communications real estate with a portfolio of over 1,81,000 communications sites. "ATC India is grateful to the Department of Telecom and CCEA (Cabinet Committee on Economic Affairs) for approving our acquisition of approximately 12 per cent shares of ATC TIPL from TTSL and Tata Sons. This investment reflects our long-standing commitment to India and to the Government's Digital India mission," Sharma said. Earlier on Wednesday, CCEA approved ATC Asia Pacific buying about 12 per cent stake in ATC Telecom Infrastructure for Rs 2,480 crore. With this approval, the cumulative foreign direct investment (FDI) of ATC Asia Pacific into ATC Telecom Infrastructure would be Rs 5,417.2 crore, according to an official release.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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