Indian operator gets government approval to form a new subsidiary for its 66,000 telecoms towers.
The Indian government has given the go-ahead for state-owned telco BSNL to spin off its towers business into a separate company.
Prime minister Narendra Modi’s cabinet gave the green light to the plan, according to a government statement on Tuesday.
"This approval authorizes BSNL to monetise its telecom tower infrastructure with the formation of a separate subsidiary company," the statement read.
BSNL has a portfolio of 66,000 mobile towers, around 15% of the total number of telecoms towers in India, the government said.
"An independent, dedicated tower company of BSNL with a focused approach will lead to increasing of external tenancies and consequentially higher revenue for the new company," the government said.