The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has approved the foreign direct investment (FDI) proposal for acquisition of 12.32 percent of the equity share capital (on a fully diluted basis) of ATC Telecom Infrastructure by ATC Asia Pacific as a result of exercise of put option by Tata Tele Services (TTSL) and Tata Sons (TSPL).
This will lead to FDI inflow of Rs 2,480.92 crore. With this approval the cumulative FDI of ATC Asia Pacific (ATC Singapore) into ATC Telecom Infrastructure (ATC India) will be Rs 5,417.2 crore in FY19-21.
ATC Telecom Infrastructure is engaged in the business of providing telecom infrastructure services to telecom operators. The company has FDI approval up to 86.36 percent and with this approval it will rise to 98.68 percent (on a fully diluted basis).
The company is engaged in the business of providing passive telecom infrastructure services to telecom operators pursuant to various approvals granted to it by the Department of Telecommunications.