Board of Ideal Cellular approves sale of tower business held by subsidiary

Idea, Vodafone India to sell tower business to ATC Telecom Infrastructure

"The operating environment for Indian mobile operators remained challenging with unrelenting pressure on pricing, introduction of GST of 18% (compared to service tax of 15%) and need for large investments to support the exploding data demand", Idea said in a statement on Monday.

The company said the seasonally weak quarter was marked by high competition, regulatory changes and consolidation in the industry.

Idea Cellular posted a consolidated net loss of Rs 1,106.8 crore for the second quarter of the current fiscal.

The revenue per subscriber fell 6.6 per cent QoQ to Rs 132 from 141 in June quarter.

Revenue from operations of the company, which is merging its operations with Vodafone Group Plc's (VOD.L) Indian unit, fell about 20 percent to 74.66 billion rupees.

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The transactions are expected to be immediately accretive to AFFO per share, and the deal is expected to close in the first half of 2018. "Idea's net debt as on September 30, 2017 was Rs 54,100 crore, including a large component of 'deferred payment obligation" for spectrum acquired in auctions.

Stock of Idea was trading 5.62 per cent down at Rs 91.60 on the BSE on Monday.

Idea Cellular, the Aditya Birla Group-led service provider is expecting to soon close the new 4G ICR arrangements with Vodafone India for an additional 4G coverage in almost 5,000 new towns and neighboring villages for each telco, having already entered into an active Infrastructure sharing arrangement with Vodafone to avoid duplication of spends and make the best use of capital expenditure (capex).

As per the terms of the transaction, Vodafone India will receive Rs. 38.5 billion while Idea will get Rs. 40 billion. This is part of Vodafone and Idea's planned merger.

The Board has approved the execution of a share purchase agreement amongst ATC Telecom Infrastructure, the Company and ICISL.

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