Industry estimate ~25% of Idea-Vodafone's sites, ie, 66k, are likely to have an overlap and 50% of these could be decommissioned. We estimate such site rationalisation could lead to a loss of 14k tenancies for Indus and 4k tenancies for Infratel.
For the Airtel-Telenor deal, we estimate that 40% of Telenor?s sites could be decommissioned resulting in loss of 5,000 tenancies for Indus and 1,000 tenancies for Infratel.
Beyond the one-time hit, Infratel could add about 16,000 tenancies annually (vs. 17.3k additions in 9MFY17) as there would still be three large operators expanding operations in India mobile.
