Wifi Revolution

Morgan Stanley has picked up a stake in stand-alone telecom infrastructure company, TowerVision. TowerVision has raised about $300 million, with Morgan Stanley contributing a significant chunk of this for an equity stake. The details of the stake or the value of the transaction was not disclosed by TowerVsion.

 

TowerVision India is an independent tower management company specializing in the provision of passive infrastructure to the wireless telecommunications industry. The company is backed by promoters like RP Capital from the UK, Israel’s Fore Group and Mivtach Shamir Real Estate (also from Israel, which has a 15.5 percent stake in the company). TowerVision operates in the telecom circles of Punjab, Haryana, Karnataka, Orissa, Bihar and Tamil Nadu.

 

The company has been operating in India since July 2005. After receiving FIPB approval, the company formally launched its Indian operations in January 06. The company also holds a Department of Telecom-issued infrastructure provider license.

 

In the telecom sector, mobile towers are seen as the non-electronic or ‘passive’ part of core cellular network infrastructure. Towervision bagged a Rs 250-crore deal with Spice Communications in 2007 to construct and manage 1,000-odd towers for the telco.

 

TowerVision CEO Amit Ganani was quoted in an Economic Times of India report as saying, “The investment led by Morgan Stanley will not only solidify the company’s position and long-term business prospects but will also ensure that TowerVision will continue to grow its business in line with market expansion.”

 

 

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