### **Company Overview** **Altius Telecom Infrastructure Trust** (Altius) is one of the largest independent telecom infrastructure platforms in India and globally. Formed through the integration of three leading digital infrastructure businesses — **Summit Digitel, Crest Digitel, and Elevar Digitel** (formerly ATC India) — Altius emerged as a unified, pan-India digital infrastructure platform in March 2025. The consolidation has created a scaled, diversified, and highly efficient telecom infrastructure provider with extensive coverage across all 22 telecom circles in India. With over **257,000 telecom sites** (including macro towers, in-building solutions (IBS), rooftop towers, and small cells) and more than **314,000 total tenancies**, Altius supports all major Indian telecom operators, including Reliance Jio, Bharti Airtel, Vodafone Idea, and BSNL. It operates under a neutral-host model, enabling multi-tenancy and supporting the rollout of 4G, 5G, IoT, and future-ready digital networks. --- ### **Key Operational Highlights** | Metric | Value (as of Nov 2025) | |-------|-------------------------| | **Total Sites** | 257,308 (pan-India) | | **Total Tenancies** | 314,112 | | **Tenancy Ratio** | 1.22x | | **IBS & Small Cell Tenancies** | ~7,000–7,258 | | **Geographic Coverage** | All 22 telecom circles in India | | **Employee Strength** | 1,410 full-time employees | | **Specialty Infrastructure** | Cell-on-Wheels (COW), tunnel coverage (>275 km), fiber-ready sites | Altius delivers tailored infrastructure solutions: - **Ground-Based Towers (GBTs)** for rural and wide-area coverage. - **Rooftop sites and small cells** for urban capacity densification. - **In-Building Solutions (IBS)** for high-density locations such as malls, airports, metro stations, hospitals, and corporate hubs. The company holds a **52% market share in in-building solutions (IBS)** and approximately **60% in metro/airport IBS deployments**, positioning it as a clear leader in indoor connectivity. --- ### **Growth Strategy & Acquisition History** Altius has grown rapidly since inception with a **28% CAGR in revenue and 24% CAGR in EBITDA since FY21**, driven by: - **Organic expansion** through new tower builds and colocations. - **Contractual escalations** on long-term leases. - **Strategic acquisitions** and seamless integrations. #### **Key Acquisitions:** 1. **Summit Digitel (2020)**: Acquired from Reliance Industries, forming the foundation of Altius’s macro tower portfolio. 2. **Crest Digitel (2022)**: Strengthened urban and indoor connectivity capabilities in high-traffic locations. 3. **Elevar Digitel (2024)**: Acquired from American Tower Corporation for ~₹165 billion (~$2 billion), adding ~76,000 sites and enhancing metro footprint. Fully integrated into Altius by Q1 FY26. The integration of these entities has created **significant synergies**, improved operational efficiency, reduced administrative costs, and expanded Altius’s ability to support network densification required for 5G. --- ### **Financial and Contractual Strength** Altius benefits from **highly stable, long-duration cash flows** backed by robust contractual arrangements: - **Weighted Average Lease Expiry (WALE):** 17 years - **Long-term MSAs:** ~60% of tenancies covered by 30-year agreements; remaining ~40% under 10-year contracts - **Revenue Visibility:** Over 55% of tenancies locked in for 30 years - **AAA-Rated Customers:** >80% of revenue comes from ‘AAA’ or ‘AA+’ rated counterparties (e.g., Reliance Jio), ensuring low credit risk - **Distribution Policy:** Returns at least **90% of net distributable cash flow** to unitholders. Distributions have grown from **INR 4/unit (FY21) to INR 20/unit (FY25)**. --- ### **Market Position & Strategic Advantages** - **Scale Leader:** One of the largest independent tower companies globally, with a commanding presence in India’s $1.6 trillion digital economy. - **Digital India Enabler:** Supports government initiatives through digital village projects across 100+ rural communities and nationwide 5G deployment. - **Colocation Potential:** A tenancy ratio of **1.22x** (well below industry peers in metro areas) indicates substantial upside for **low-capital revenue growth** through multi-operator leasing on existing infrastructure. - **Operational Efficiency:** Manages operations via three SPVs with a lean cost structure and digital field execution framework. O&M costs are protected by long-term contracts on ~60% of towers. --- ### **Capital Structure & Funding Profile** - **Net Debt to AUM Ratio:** 47% (conservative leverage with significant headroom for future growth) - **AUM (as of Mar 2025):** INR 861 billion — among the largest InvITs in India - **Distributions:** Responsible for nearly **25% of total cash distributions by all InvITs in India** - **Funding Base:** INR 440 billion in debt backed by **40+ lenders**, including multilateral institutions and global funds - **Innovative Debt Instruments:** First Indian tower operator to issue a **USD 500 million bond**; secured a **15-year NCD backed by NaBFID** - **Refinancing Success:** In H1 FY26, refinanced INR 66 billion of bank loans into longer-term bonds at lower yields, lowering the cost of debt and extending maturity profile --- ### **Comparables & Peer Positioning** Altius is structured as a **SEBI-registered Infrastructure Investment Trust (InvIT)**, comparable to other yield-generating infrastructure platforms: - **Peer InvITs:** - *IndiGrid Infrastructure InvIT* (power transmission & renewables) - *PowerGrid InvIT* (regulated transmission assets) → All share characteristics: long-term contracted cash flows, low operating risk, DCF-based valuations, and appeal to yield-oriented investors. - **Corporate Benchmark:** - *Indus Towers* – despite structural differences (corporate vs. InvIT), Indus is used as a key peer for **beta estimation, risk assessment, and relative valuation** due to similarities in: - Asset base (macro towers, tenancies) - Revenue model (long-term tenancy agreements) - Customer concentration (MNOs) - Operational resilience Elevar and Crest were both benchmarked against Indus pre-acquisition for risk and valuation modeling. --- ### **Subsidiaries & Future Readiness** - **Crest Digitel Private Limited (CDPL):** Leading IBS and small cell provider; manages ~6,416 sites with 7,258 tenancies and a 1.13 tenancy ratio. - **Crest Virtual Network Private Limited (CVNPL):** Newly established subsidiary focused on **active network equipment, shared networks, and edge computing**; positioned for **private 5G and smart city ventures** (currently pre-operational). - **RDIPL:** Focused on product innovation and new tower development to meet evolving market needs. CVNPL signals Altius’s ambition to evolve beyond passive infrastructure into **active digital ecosystems**. --- ### **ESG & Social Impact** - **Energy-Efficient Design:** Summit Digitel sites built without air-conditioned shelters, supporting carbon reduction goals. - **Digital Inclusion:** Actively enables rural connectivity via digital village projects and network rollouts. - **Operational Resilience:** Maintains **99.97% uptime** across its tower network and robust O&M contracts. ---