The Cabinet Committee on Economic Affairs has approved the proposed acquisition of 51 per cent stake in Viom Networks by the American Tower Corporation (ATC). The deal, valued at Rs 76.35 billion, was announced in October 2015. Currently, Tata Teleservices Limited (TTSL) holds a 54 per cent stake in Viom Networks, while 18.5 per cent stake is held by SREI Infrastructure and Finance Limited. The remaining 27.5 per cent is owned by a group of financial investors. Under the proposed agreement, ATC will acquire the entire 18.5 per cent stake held by the SREI Group, while TTSL’s stake will come down to 34 per cent. Further, ATC is planning to invest $2 billion in India to expand its presence in the country’s telecom infrastructure space.
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