American Tower Eyes India for Expansion - TheStreet

BOSTON (

TheStreet

) --

American Tower

(AMT) - Get Report

is in talks to acquire a controlling stake in India's

Essar Telecom

, a report says.

The acquisition would help American Tower, an operator of wireless communications sites, expand in India, the fastest-growing telecommunications services market in the world, the

Wall Street Journal

reports.

The deal is likely to be valued at about 20 billion rupees ($429.1 million), said a person involved in the process.

Demand for the infrastructure provided by companies such as American Tower has risen recently as mobile phone service providers launch or expand aggressively in India, the

Journal

notes.

American Tower's combined India portfolio exceeds 2,500 telecom towers, while Essar Telecom has 4,500 such towers, the

Journal

reports, citing the person.

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-- Written by Joseph Woelfel in New York.

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