Idea Planning To Sell Out Its Towers

Idea Planning To Sell Out Its TowersThe Idea Cellular Ltd. was planning to legalize 9,000 telecom towers which it owned individually and not in collaboration with Bharti Airtel Ltd. The Indian section of U. K.'s Vodafone Group Plc, predicted that the legalization of these towers was going too result in an earnings of 54 billion rupees, which would help the company clear off all its debts.

The towers on being sold will overcome the debt of 91.20 billion rupees by the end of March. The idea had 93.75 million making it the fifth largest mobile phone operator in demand. The company was expecting a lot from its 3G services and generation of revenue from non-voice services to raise from the 12% it currently contributes to overall revenue, helped by the launch of its 3G services.

In order to receive the license for 3G, the company paid INR 57.69 billion in 11 service regions and the company was going to spend INR42 billion this fiscal year that began April 1 to expand overall services. Idea had 16% holdings in Indus Towers, a three-way telecom tower joint venture with Bharti Airtel and Vodafone Essar, with more than 110,000 towers. The venture took place 2008 and was expected to be spending $2 billion in order to fulfill the passive infrastructure demands. India was going to have 827 million wireless network users by the end of April.