Quadrangle funds Tower Vision's expansion
03 Feb 2010
Tower Vision India Pvt. Ltd. today said that it has secured expansion equity capital from a consortium of international investors led by global private investment firm Quadrangle Capital Partners. Terms of the investment have not been disclosed.
Gurgaon-based Tower Vision is an independent tower management company specialising in shared passive infrastructure for the wireless telecommunications industry.
Quadrangle Capital focusses exclusively on investing in the communications, media, and business and information services industries. It was joined in this round of funding by seven global institutional investors.
The equity financing, together with a concurrent debt financing, will provide Tower Vision with over $300 million in expansion capital. to use for expanding its tower portfolio.
Tower Vision is the second largest independent tower management company in India with more than 5,000 sites across 14 circles. Since its inception, it has been focusing on putting up a high quality network of shareable sites.
Tower Vision CEO, Amit Ganani, confirmed the deal sayuing, "We are delighted that a group of international investors, led by Quadrangle, has decided to invest their capital and strategic resources to support our business as we continue to expand aggressively. Our focus will remain on supporting our customers with the highest level of service and quality passive infrastructure solutions, as they continue to expand their coverage and capacity."
Edward Sippel, managing principal, Quadrangle, Hong Kong, said that the funding would accelerate Tower Vision's expansion and growth potential in the Indian telecommunications sector.
Sippel said, "This investment is a great opportunity to obtain exposure to one of the fastest growing wireless markets in the world, and we believe the company is well positioned with its high quality and rapidly expanding tower portfolio."
