Tata Teleservices and Quippo Telecom has merged their passive infrastructure business, pursuant to which the combined entity will become the largest independently managed tower company in the country with a valuation of Rs 13,000 crore.

Under the terms of this partnership, Tata Teleservices and Quippo Telecom will swap 51 per cent and 49 per cent stake, respectively.

Consequent to the merger, the management rights in the tower arm of Tata Teleservices – WTTIL, would move over to an independent management run by Quippo Telecom.

Quippo Telecom would make an up front cash payment of Rs 2,400 crore and would also transfer its passive telecom tower portfolio of 5,000 tower to WTTIL, the company said.

The combined entity would have over 18,000 towers and would thus become the largest independently managed tower company in the country.