India's Tower Vision raises funding from Quadrangle

Delhi-based telecommunications tower management company Tower Vision has raised $300 million of capital through private equity and debt to finance its expansion needs.

Tower Vision is the second-largest tower management company in India with more than 5,000 sites spread across 14 telecom circles. It is an independent tower management company, not supported by a telecom services provider. It began operating in 2006.

The private equity investment is led by Quadrangle Capital Partners. Quadrangle, which currently has around $3 billion of assets under management, focuses on companies in the media and communication sectors. It seeks to invest between $100 million and $250 million in each of its investee companies. Quadrangle opened shop in Asia (in Hong Kong) in 2008 and this is its first investment since then.

Seven other investors have invested alongside Quadrangle. A corporate communications representative for Quadrangle said the fund has not divulged details neither of its co-investors nor of how the $300 million was split between equity and debt funding. With its investment, Quadrangle will get representation on Tower Vision's board of directors.

The private equity raised by Tower Vision comes just weeks after another Indian tower deal. In January, Mumbai-based telecommunications infrastructure company GTL Infrastructure paid $1.8 billion for Aircel Cellular's tower business. The deal made GTL the largest tower company in the world.

Quadrangle was advised on the deal by Davis Polk. Tower Vision representatives did not respond to requests for comments on whether they worked with an adviser or on other aspects of the deal.