Wireless and broadcast communications infrastructure company American Tower Corporation is all set to acquire India's shared telecom infrastructure and service provide Xcel Telecom, in a deal worth Rs700 crore ($136 million), reports citing unnamed sources as saying.
The firms have almost reached an agreement, the reports said, adding, the deal would help American Tower gain a foothold in India, the world's fastest-growing telecom market.
Xcel Telecom is headed by former BPL Mobile chief executive Sandeep Basu, who is the managing director.
American Tower, reports said, has been looking at various opportunities in India, adding, talks between the two companies have been on for the past few months.
The Indian telecom industry, which is expected to reach the 500-million subscriber mark by 2011, will have to add another 150,000 towers by 2011.
Meanwhile, American Tower has named former Verizon executive Thomas Bartlett as its chief financial officer (CFO).
The company also reported an 8.5 per cent revenue growth in the fourth quarter and higher profits on the back of lower tax provisions.
Tower companies like American Tower rent or lease out their infrastructure to mobile phone companies which use the towers to transmit satellite signals for mobile telephony.
American Tower operates more than 23,000 cell sites in the US, Mexico and Brazil, its website showed.
Xcel was incubated by Texas-based private investment fund Q Investments.