India's Essar group said US-based American Tower Corp (ATC) unit Transcend Infrastructure Ltd (TIL) completed a share purchase transaction to acquire Essar Telecom Infrastructure Pvt Ltd. (ETIPL) in an all cash deal.
The transaction values ETIPL at about Rs2,100 crore and is subject to certain post closing adjustments, the Essar group said in a release.
The transaction represents the third tower acquisition in India by a member of the American Tower group since initiating operations in India in the fourth quarter of 2008, the release added.
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