Narendra Modi approves ATC’s stake purchase in Viom Networks

NEW DELHI: US-based American Tower Corp has got Prime Minister of India Narendra Modi approval to acquire a majority stake in telecom tower firm Viom Networks.

"The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to the proposal of M/s. ATC Asia Pacific Pte. Ltd. Singapore for acquisition of 51% of shareholding in M/s. Viom Networks Limited by way of transfer from existing shareholders," said Cabinet Committee on Economic Affairs (CCEA) in statement.

The approval would result in a total foreign direct investment inflow of Rs.5,856.51 crore into the telecom infrastructure of the country which will spur economic growth, besides fostering inclusiveness and equity.

Viom, which owns and operates about 42,200 towers and has another 1,000 mobile phone masts under construction from Tata Teleservices and SREI Infrastructure Finance.