American Towers set to sell loss-making India ops for $2.2 billion

US-based telecom tower major American Towers Corporation (ATC) is close to selling its loss-making India operations at an enterprise valuation of up to $2.2 billion by December-end.

I Squared Capital, the US-based infrastructure private equity firm, is leading the race to buy the telecom tower company, which has seen a continuous loss of valuation in the past few years, said a banking source. I Squared Capital declined to comment.

In the September quarter, ATC recorded $322 million in goodwill impairment charges associated with its India business.