Aditya Birla Group is planning to reorganize its telecom infrastructure and tower business. 2 options (detailed below) are being explored.
Tower holding is held across 2 entities? 1) Idea Cellular Infrastructure Services Limited (ICISL) ? Owns 100% stake. ICISL has a tower
portfolio of ~10k towers with 1.7x tenancy and 2) Aditya Birla Telecom (ABTL) ? Holds 16% stake in Indus Towers, which has a tower portfolio of 120k towers with 2.2x tenancy. Idea Cellular has a 70% stake in this entity; balance is held by Providence.
Media reports indicate that Idea is exploring 2 options 1) Divest 49% stake in ICISL and its entire holding in ABTL or 2) Merge ICISL into ABTL and dilute a 49% stake in the combined entity. To simplify the structure, Providence will also swap its indirect stake in Indus (through ABTL) into a direct stake in Indus.
