American Tower Corporation (ATC) has acquired the Mumbai-based independent tower company, Xcel Telecom for an undisclosed sum. Industry analysts had put an enterprise valuation of around INR 800-850 crore for Xcel Telecom, which owns and operates around 1,700 towers in the country.
The acquisition would help ATC create a leading independent tower company with a combined portfolio of 2,000 tower sites in 15 telecom circles.
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