NEW DELHI -(Dow Jones)- India's GTL Infrastructure Ltd. (532775.BY) said Friday it expects to close the deal to buy the tower assets of Reliance Infratel Ltd. within its target of four-six months from the announcement date.
"We are on target," Manoj Tirodkar, founder and chairman of GTL Infrastructure, told reporters. "We originally said that it would take four-six months and we are on target."
On June 27, Reliance Communications Ltd. (532712.BY) agreed to sell unit Reliance Infratel's tower assets to GTL Infrastructure for an undisclosed sum.
When the deal was announced, the companies had valued the combined entity at INR500 billion, or about INR6.3 million for each of the around 80,000 towers, subject to final valuation.
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