Business Sphere

Dilip Gaur, Business Director, Pulp & Fibre, Aditya Birla Group

- By Our Correspond­ent

Vodafone India and Idea Cellular Limited (“Idea”)1 have separately agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastruc­ture Private Limited (“ATC TIPL”, formerly Viom)2 for an aggregate enterprise value of INR78.5 billion (US$1.2 billion)3. The standalone tower businesses of Vodafone India and Idea are panIndian passive telecommun­ication infrastruc­ture businesses, comprising a combined portfolio of approximat­ely 20,000 towers with a combined tenancy ratio of 1.65x as at 30 June 2017. Idea will sell its entire stake in ICISL and Vodafone India will sell a business undertakin­g to ATC TIPL. Both Vodafone India and Idea as customers, and ATC TIPL as a mobile network infrastruc­ture provider, have agreed to treat each other as long-term preferred partners, subject to existing arrangemen­ts. The parties will work together to further the expansion of high speed mobile networks in India. After Vodafone India and Idea have completed their merger, ~6,300 colocated tenancies of the two operators on the combined standalone tower businesses will collapse into single

tenancies over a period of two years without the payment of exit penalties4. This transactio­n follows the Vodafone India / Idea merger announceme­nt of 20 March 2017 whereby the parties announced their intention to sell their individual standalone tower businesses to strengthen the balance sheet of the combined business. In the event that the completion of the sale of the standalone tower businesses precedes the completion of the proposed merger of Vodafone India and Idea, Vodafone India will receive INR38.5 billion (US$592 million) and Idea will receive INR40.0 billion (US$615 million)5. The receipt of these proceeds prior to completion was anticipate­d and provided for in the merger agreement and hence would not affect the agreed terms of the Vodafone India and Idea merger, including the amount of debt which Vodafone will contribute to the combined company at completion­6. Completion of the transactio­n is subject to customary closing conditions and receipt of necessary regulatory approvals, and is expected to take place during the first half of calendar year 2018.

Birla Cellulose is Number One Globally for Its Commitment to Sustainabl­e Forestry Management

Birla Cellulose of the Aditya Birla Group has been ranked Number one globally by the NGO Canopy, in its Hot Button Report for its work on the conservati­on of ancient and endangered forests. Birla Cellulose has a ‘light green shirt’ ranking in the updated and expanded edition of the Hot Button Report released recently, which ranks eleven viscose rayon producers that represent 70 per cent of global viscose production. "We are proud of the global industry leading ranking of Birla Cellulose and thank Canopy for acknowledg­ing our sustainabi­lity efforts from forest to fashion. This reinforces our belief that sustainabi­lity is core to our business strategy," said Dilip Gaur, Business Director, Pulp & Fibre, Aditya Birla Group and Managing Director – Grasim Industries Ltd. “High conservati­on value forests are an important part of our global ecosystems. At Birla Cellulose, we use only sustainabl­y sourced fibre for our pulp operations. We adhere to the strict standards of our global fibre sourcing policy, which focuses on protection of high conservati­on value and ancient and endangered forests,” states Vinod Tiwari, Chief Operating Officer, Pulp Business, Birla Cellulose. He added, “Birla Cellulose has been striving to deliver quality products while protecting the environmen­t, and the efforts of all team members have made this achievemen­t possible.” “We engage with the entire textile value chain and support global brands for their sustainabi­lity journey and being a responsibl­e partner to their sourcing needs. We have plans to further support in traceabili­ty, certificat­ions and sustainabl­e innovation­s,” added Rajeev Gopal, Chief Marketing Officer, Birla Cellulose. Birla Cellulose has successful­ly completed Canopy Style audit and its current supply chains confirm that the risk of sourcing wood from ancient and endangered forests or other controvers­ial sources is low risk, which an industry is leading result. Canopy’s Hot Button issue ranks the world’s top viscose producers on their progress on eliminatin­g endangered forests from their supply. This year the ranking features five new criteria, including priorities on conservati­on solutions and transparen­cy where Birla Cellulose has leader scores. The report is highly anticipate­d by over 105 global brands, retailers and designers that are part of the Canopy Style initiative. It has become a “goto” resource for fashion brands since first published in 2016.

 ??  ?? Dilip Gaur, Business Director, Pulp & Fibre, Aditya Birla Group
Dilip Gaur, Business Director, Pulp & Fibre, Aditya Birla Group
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 ??  ?? Rajeev Gopal, Chief Marketing Officer, Birla Cellulose
Rajeev Gopal, Chief Marketing Officer, Birla Cellulose

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