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American Tower Buys XCEL Telecom
American Tower (ATC) announced Tuesday that it would acquire XCEL Telecom Private Ltd. The company is based in Mumbai, India and owns and operates around 1,700 tower sites. ATC's Amit Sharma, executive vice-president and president for Asia, observed that the Indian telcom business sector has been increasing and the timing of the deal was advantageous.
"India is one of the fastest growing telecom markets, with the tower market seeing record growth," Sharma said. "This deal will strengthen our base in India and give us access to a new set of clients and geographies where XCEL has established connections."
XCEL Telecom's director Pranav Parikh called the transaction a "significant milestone" for his company and one that would benefit its shareholders.
"XCEL will benefit from ATC's commitment and expertise in managing and growing such businesses globally," Parikh said.
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noted the Indian telecom industry will have to add another 150,000 towers by 2011.
In addition to more than 23,000 cell sites, American Tower also owns and operates broadcast TV tower facilities across the country.