GIL infra is catapulted to top slot in telecom infra business by acquisition of AIRcell's 17,500 towers for Rs.8400 crore all cash deal which was the cheapest in sector. Enterprise value stands at Rs.48 lakh/tower.
Tata teleservices-Quipo telecom = 52 lakh/tower
Bharti infratel= 2 crore/twr
Tenancy ratio=avg no of tenants/tower has to be increased.
If tenancy ratio at current level of 1.2, break even period of 10 years. If 2.3 by FY13, 6 yrs.
GIL enjoys good penetration in rural area. There, penetration increasing while urban area is getting saturated.
75% of GIL's towers r ground based, not roof top towers. thus attract higher returns.
MNCs ATC & Crown Castle have tenancy ratio b/w 3 -3.5 .
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