Indian Telecoms: Rapid Growth; Heightening Competition

India's high-growth telecoms market is continuing to be a global hotspot for M&A activity. While the focus for some time has been on the number of new entrants into the market and the subsequent heightening of competition, we are now also beginning to see a developing trend of existing operators looking outside of the market for growth. In the most recent industry deal to be inked, Indian conglomerate Essar Group has spun-off its telecommunications tower business to Boston-based American Tower Corporation (ATC), for US$450mn. While the deal itself is far from unique, what Essar intends to do with the proceeds of the disposal is.

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