Based on our discussions with telcos, we now see data growth being slower than expected, led by 1) slower adoption of smartphones; 2)
No killer app being available to use data. Infratel now factors in slower data revenue growth for telcos and, hence, we see a reduction in our earlier estimates on loading/tenancies. The telcos have already built up adequate 4G capacity in anticipation of the Jio launch.
In 2022, Infratel expects a downward adjustment in the rentals (exact magnitude not known) as the entire portfolio comes up for renewal. Post 2022, we expect all tenants to pay the same rentals to tower companies irrespective on which year they come on the tower
