Tata Teleservices Limited (TTSL) has merged its telecom tower subsidiary, Wireless Tata Telecom Infrastructure Limited (WTTIL), with pure-play tower company Quippo Telecom Infrastructure Limited (QTIL). Under the deal, QTIL will transfer its 5,000 towers to WTTIL and pay Rs 24 billion to TTSL to acquire 49 per cent stake in and management control of the duo's merged tower portfolio consisting of 18,000 towers.

However, both companies will have equal representation on the board of directors. The merged company is expected to be valued at $2.4 billion in contrast to the $3-$3.5 billion estimated earlier because of the uncertain financial environment.