American Tower Corporation (ATC) has finalized the sale of its Indian operations to Data Infrastructure Trust (DIT), an affiliate of Brookfield Asset Management. The transaction, worth approximately INR 210 billion ($2.5 billion), includes $320 million from the monetization of debentures issued by Vodafone Idea and payments on ATC India receivables. The proceeds are earmarked for repaying ATC’s existing debts, including the India term loan.
This deal grants DIT ownership of around 76,000 towers in India, raising its tally to around 257,000 sites. This places DIT ahead of its competitor, Indus Tower, which manages 226,000 sites and is owned by Indian carrier Bharti Airtel.
Supported by British Columbia Investment Management and GIC, the deal received regulatory approval from the Competition Commission of India in August. “With this acquisition, the Brookfield-led consortium reinforces its commitment to connecting India with an expanded portfolio of 257,000 telecom sites,” said DIT in a statement. Following this transaction, the telecom infrastructure portfolio will operate under the brand name Altius.
This marks Brookfield’s third investment in India’s telecom sector. In 2022, Brookfield acquired a portfolio of 6,300 indoor sites and small cell sites. Earlier, they obtained approximately 175,000 towers from Reliance Industrial Investments in 2020. Presently, Brookfield oversees about $29 billion in assets in India, encompassing infrastructure, real estate, renewable power, and private equity.
This acquisition demonstrates Brookfield’s growing footprint in India’s telecom industry, bolstering its capacity to support increased data demand and network expansion across the region.
