Government officials in India yesterday approved American Tower Corp.’s $880 million investment in Viom Networks, Ltd. The deal, struck last fall, gives American Tower 51 percent of Viom and the controlling stake through its Singapore subsidiary ATC Asia Pacific Pte. Ltd.
According to reports from Dow Jones News Service and Reuters, India’s Telecom Minister Ravi Shankar Prasad made the announcement after meeting with AMT CEO Jim Taiclet. Prasad said that American Tower has pledged to invest $2 billion in India. He didn’t elaborate by when. “The foreign investment in the telecom infrastructure will help spur economic growth,” he said.
Inside Towers found no confirmation of such a promise found on the American Tower website yesterday.
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