U.S.-based American Tower Corp (AMT.N) is set to acquire India's Xcel Telecom in a deal worth more than 7 billion rupees ($136 million), the Economic Times said on Monday, citing a person familiar with the transaction.
Xcel, founded by former BPL Mobile chief executive Sandip Basu, provides shared telecom infrastructure and services for telecom operators in India.
The newspaper said the deal would be announced shortly and would help American Tower gain a foothold in in the world's fastest growing telecom market.
A spokesperson for American Tower declined comment, while Xcel officials did not respond to an email query, the newspaper said. Both companies could not be immediately reached by Reuters.
Independent tower companies like American Tower rent or lease out their towers to mobile phone companies. Towers are passive infrastructure which contain the active components needed to receive and transmit satellite signals for mobile telephony.
American Tower operates more than 23,000 cell sites in the United States, Mexico and Brazil, its website showed. Xcel was incubated by Q Investments, a Texas-based private investment fund. ($1=51.4 rupees) (Reporting by Janaki Krishnan; Editing by Ranjit Gangadharan)
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