GTL Infra to buy Aircel towers

MUMBAI,INDIA: Indian mobile infrastructure firm GTL Infrastructure on Thursday said it would buy the tower assets of Aircel in deal valued at 84 billion rupees ($1.8 billion).

GTL Infra said it would buy 17,500 towers owned by Aircel, a unit of Malaysia's Maxis Communications, through a slump sale of assets.

GTL said it would make equity contribution of 17.50 billion rupees for the acquisition, which would be done through a special purpose vehicle.

On Wednesday, sources had told Reuters that GTL Infra had reached a deal to buy the tower assets.