On Thursday, Tata Teleservices Maharashtra (TTML) said that it would be using the money generated by sale of its tower business in paying back its debt. The rest of the money will be used in 3G bidding and expansion of its GSM service.

TTSL has sold its tower business for over RS. 1,300 crore to Quippo-WTTIL. The company sold every tower for Rs. 52 lakh.

Talking about the sale, Mukund Govind Rajan, Managing Director of TTML said that the company has seen an inflow of an excess of Rs. 900 crore.

As of now, the company has a debt of Rs. 3,400 crore. And as Mukund said to a private news agency, PTI, the company is planning to pay its short-term debt besides using the rest for other plans.

He said that the company had decided to go ahead with the selling since it was not its core business. The plan for the sale was taken last year itself. TTSL was just waiting for the right valuation.

Meanwhile, all the necessary approvals are awaited and as soon as they get them, the deal will be closed.