The Indian telecom industry is fragmented, and so is the tower industry, with most companies having preferred tower partners. The top three Indian operators have formed a JV to form Indus. However, Reliance Infratel, MTNL/BSNL, Tata, Aircel, among others, have their preferred companies, which will take a bulk of their tenancy. Therefore, Bharti Infratel / Indus Towers tenancy will have high dependence on the top three operators.
Factors that positively impact the future tenancy potential are 3G network Expansion, 2G tenancy for new entrants who make in-roads into rural areas and 900MHz Spectrum.
3G Network In most circles, operators holding