ArdomTelecom, a telecom infrastructure operation and maintenance company, has acquired US’s Quanta Towergen Pvt. (QTPL) in an all cash deal.
This acquisition will help Indian firm Ardom to provide solar power on telecom tower sites spread over UP(E), UP(W), Bihar, Jharkhand, Madhya Pradesh, Assam and North-East, the companies said in a joint statement Wednesday.
QTPL is owned by Quanta Services, a US based firm, that struck this deal via their Netherlands based special purpose vehicle (SPV). QTPL was set up in India to provide renewable energy-particularly solar energy to various tower sites.
Quanta in the last few years has invested an amount in excess of $ 14.5 million to create solar energy generation facilities on various telecom tower sites and its remote monitoring mechanism.
Ravdeep Singh and Pankaj Sharma co-founders and directors of Ardom said that due to significant geographical overlap on service portfolios of the two companies and the economies of scale, this acquisition shall lead to better value proposition for all stakeholders.
QTPL will be Ardom’s first major buy. Gurgaon based Eminds Legal represented Ardom Telecom in negotiating the deal .L&T Private Equity is an early stage investor in Ardom Telecom.
By Baishakhi Dutta
