Bharti Infratel in race to buy Idea, Voda towers for Rs. 5,000 cr.

Cash-rich Bharti Infratel is looking at the option of taking over the telecom towers of Vodafone and Idea Cellular in India at a valuation of Rs. 5,000 crore. The company is also scouting for telecom tower acquisition opportunities in Sri Lanka and Bangladesh with its Rs. 7,646-crore cash kitty, say bankers and analysts.

Bharti Infratel already owns a 42 per cent stake in Indus Towers - a three-way venture between Bharti, Vodafone and Idea - and possesses 84,000 towers across India. Vodafone owns 25,000 towers, while Idea owns 9,446 towers in India. Bankers say it would cost Bharti Infratel anywhere between Rs. 4,500 crore and Rs. 5,000 crore to buy out the towers from Idea and Vodafone.

Both Bharti Infratel and Indus Towers are market leaders in terms of number of towers and revenue generation.

When contacted, a Bharti Infratel spokesperson said: 'The company has sufficient cash and debt resources available for organic and inorganic opportunities, as and when they arise. However, we believe it is premature to talk about the timing and valuation of any deal at this stage.' Vodafone declined to comment. An email sent to Idea did not elicit any response.

BS