Tower InvIT will be acquiring STIPL for an equity consideration of Rs900cr and additional milestone-based considerations, which will be funded through a combination of cash and units of Tower InvIT to be issued to selling shareholders.
Founded in 2016 by Ankit Goel and Radhey R Sharma, STIPL deploys In Building Solutions ("IBS") at metros, airports, commercial and retail establishments, providing 2G, 3G & 4G network through a common shared infrastructure to telecom operators.
STIPL is also expanding in areas such as Outdoor Small Cells. The imminent deployment of 5G networks is expected to further increase densification requirements of mobile operators in India, which STIPL is well positioned to capture.
With this acquisition, Tower Infrastructure Trust further expands the suite of passive telecommunication infrastructure services for its customers, from macro towers to indoor solutions which will support the acceleration of India's digital transformation.