In yet another deal in the telecom towers sector, Morgan Stanley has picked up a stake in stand-alone telecom infrastructure company, TowerVision.
According to sources, TowerVision has raised about $300 million, with Morgan Stanley contributing a significant chunk of this for an equity stake. TowerVision CEO Amit Ganani confirmed the development but refused to divulge the stake details picked up by Morgan Stanley or the value of the transaction.
“The investment led by Morgan Stanley will not only solidify the company’s position and long-term business prospects but will also ensure that TowerVision will continue to grow its business in line with market expansion,” Mr Ganani said. He also added that the company would use the proceeds of the deal to increase its tower portfolio to 6,000 within the next 12 months.
Mobile towers constitute the non-electronic or ‘passive’ part of core cellular network infrastructure. Last year, the company had bagged a Rs 250-crore deal with Spice Communications to construct and manage 1,000-odd towers for the telco.
Source: Economic Times