The subsidiary’s initial share capital will be contributed in cash at face value, comprising 300 shares of AED 1,000 each.

Indus Towers confirmed that the new entity qualifies as a related party by virtue of being a wholly-owned subsidiary. Apart from this, the company stated that its promoters, promoter group, and group companies have no additional interest in the transaction.

Indus Towers is India’s leading provider of passive telecom infrastructure and it deploys, owns and manages telecom towers and communication structures for various mobile operators. The company’s portfolio of 256,074 telecom towers makes it one of the largest tower infrastructure providers in the country with a presence in all 22 telecom circles. Indus Towers caters to all wireless telecommunication service providers in India.

On a consolidated basis, Indus Towers reported a profit after tax of Rs 1,839 crore, down 17.3% year-on-year, while revenue rose 9.7% year-on-year to Rs 8,188 crore.

The counter rose 0.07% to Rs 402.55 on the BSE.