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American Tower to invest $2B in India, gains nod for Viom stake buy

American TowerCorp. Chairman, President and CEO James Taiclet Jr. said thecompany intends to make an investment of $2 billion in India, the Press Trustof India reported April 6, citing Indian Telecom Minister Ravi Shankar Prasad.

The investment will reportedly be in addition to the roughly58.56 billion Indian rupees that the global wireless infrastructure solutionsprovider will pay to purchase a 51% controlling interest in Indian tower firmViom Networks Ltd.

The news agency also reported Prasad as saying that India'sCabinet Committee On Economic Affairs on April 6 gave American Tower unit ATCAsia Pacific the go-ahead to acquire the stake.

As previously reported when the deal was announced inOctober 2015, American Towers' current Indian portfolio of roughly 14,000towers will be merged with Viom, which owns and operates roughly 42,200wireless communications towers and 200 indoor distributed antenna systemsacross the country.

As of April 5, US$1was equivalent to 66.36 Indian rupees.