Tata Teleservices Limited's (TTSL) tower subsidiary and Quippo Telecom Infrastructure Limited (QTIL) have completed their merger. While there was no change in the deal structure announced earlier, the amount that QTIL had to pay was lowered by Rs 330 million to Rs 23.67 billion.

According to the revised deal price, Quippo made an upfront cash payment of Rs 23.67 billion and transferred all its towers to TTSL's tower arm, Wireless Tata Telecom Infrastructure Limited (WTTIL). In exchange, it received a 49 per cent stake and management control of the merged entity.

Quippo reportedly raised part of the Rs 23.67 billion from IDFC Private Equity and Oman Investment Fund, while the remaining amount came from mezzanine capital and debt.