Quadrangle Leads Deal for Tower Vision

MUMBAI (Reuters) – Privately-held telecom tower manager Tower Vision India Pvt Ltd said on Wednesday it had secured equity financing from eight international investors led by private equity firm Quadrangle Capital Partners.

Gurgaon-based Tower Vision did not disclose the size of the transaction, but said the equity financing and concurrent debt financing would provide it with more than $300 million to expand its tower portfolio and increase its business.

Tower Vision manages towers at about 5,000 locations across 14 telecom circles. The Economic Times newspaper reported on Wednesday the Indian firm had raised $300 million in 2008 from investors including Morgan Stanley (MS.N).

Last month, mobile tower firm GTL Infrastructure (GTLI.BO) agreed to buy 17,500 towers owned by Aircel, a unit of Malaysia’s Maxis Communications (MXSC.KL), to boost its presence in India, the world’s fastest-growing market for mobile services.

(Reporting by Prashant Mehra; Editing by John Mair)