### **Overview** Indus Towers Limited is India’s largest and one of the world’s leading passive telecommunications infrastructure providers. Headquartered in Gurugram, the company was established in 2006 and, following the strategic merger with Bharti Infratel in 2020, emerged as the world’s largest tower company outside China. It owns and operates a vast network of telecom towers and related infrastructure across all 22 telecom circles in India, serving major operators such as Bharti Airtel, Vodafone Idea Limited (VIL), and Reliance Jio Infocomm. Indus operates on a neutral-host, non-discriminatory tenancy model, enabling seamless infrastructure sharing among telecom service providers. This co-location framework reduces capital and operational expenditures for operators, accelerates network rollouts, and supports India’s digital inclusion and sustainability goals. --- ### **Recent Performance (2024–2025)** #### **Network Scale & Growth** - **Total Network (May 2025):** - **Macro Towers:** ~251,800 - **Co-locations:** ~411,200 - **Tenancy Ratio:** Stable portfolio tenancy at **1.63**, with an **incremental tenancy ratio of 2.3**, reflecting strong multi-tenancy monetization. - **Q1 FY25 (Aug 2025):** - Added **2,468 new macro towers** (+11.4% YoY) - Achieved **5,777 new co-locations** (+9.7% YoY) - The company has surpassed **200,000 tower installations**, with record additions in FY24, driven by aggressive rural 5G rollouts and major customer expansion plans. #### **Key Customer Momentum** - Maintained **dominant market share** among leading operators due to **superior execution, automation, safety, and scale**. - Secured majority of new rollouts from top customers, including rapid expansion by Airtel and Jio in urban and rural areas. - **Recovered Rs. 51 billion** in overdue payments during FY25, improving cash flow and revenue realization. --- ### **Strategic Business Drivers** #### **1. 5G-Enabled Infrastructure Expansion** - Indus is at the forefront of India’s 5G revolution: - Supported deployment of **over 450,000 5G BTS** post-auction. - Benefits from **incremental loading revenue** as operators upgrade existing sites with 5G equipment. - Positioned to capture future demand for **new tower sites and small cells** as networks de-congest and densify. - Projections indicate 5G subscriptions in India may reach **840 million by 2029 (65% of total users)**, fueling long-term infrastructure demand. #### **2. Diversification Beyond Macro Towers** Indus is actively expanding into **adjacent digital infrastructure segments** to drive sustainable growth: - **In-Building Solutions (IBS):** - Deployed record **IBS sites**, including for government, enterprise, and institutional clients. - Preferred provider for major customers, offering **custom-built, turnkey solutions** for airports, hospitals, and metro networks. - **Small Cells & Lean Towers:** - Deployed nearly **11,000 small cell and lean tower sites** in the past two years. - Developing **5G Small Cell as a Service (indoor/outdoor)** to support urban densification. - **Fiberization & FTTH:** - Conducted successful **FTTH pilot in Mumbai (90,000+ home passes)**. - Plans to expand to other cities as part of integrated broadband strategy. - Aims to support minimum **70% fiberization of sites** to meet 5G backhaul needs. #### **3. International Expansion** - Received **board approval to expand into Africa**, starting with **Nigeria, Uganda, and Zambia**, leveraging its relationship with Bharti Airtel. - Strategy focuses on replicating **India’s cost-efficient, scalable tower infrastructure model** in high-growth markets. - Expected to drive **long-term revenue diversification and value creation**. #### **4. Entry into EV Charging & Smart Cities** - **EV Charging Infrastructure:** - Board-approved initiative; pilot stations launched in **Gurugram and Bengaluru**. - Leveraging core competencies in **land access, power management, and operations & maintenance**. - **Smart City Solutions:** - Deploying **intelligent poles** with integrated Wi-Fi, digital signage, and OFC. - Active in projects in **New Delhi, Gurugram, Vadodara, Dehradun, and Bhopal**. - Installed **354+ smart poles** and laid **over 600 km of fiber** in smart cities. --- ### **Innovation & Technology Leadership** #### **AI & Digital Transformation** - Invested heavily in **AI, IoT, data analytics, and cloud platforms** to future-proof operations. - **iMapp Platform & Digital War Room:** Enable end-to-end process automation, real-time monitoring, and faster execution in site acquisition, deployment, and assurance. - Utilizes **drone inspections, augmented reality, and AI chatbots** for preventive maintenance and field support. #### **Tower Operation Centre (TOC)** - One of the largest centralized TOCs in the industry, managing **200+ OSS across 22 telecom circles**. - Ensures **99.96% network uptime** through 24/7 real-time fault detection, telemetry systems, and automated alerts. - Implements **predictive analytics** and weather forecasting for disaster preparedness. #### **Deployment Flexibility – Diverse Site Portfolio** Indus offers a wide range of site types tailored to urban, rural, and remote needs: | **Site Type** | **Height** | **Space** | **Tenants** | **Use Case** | |------------------|----------------|-------------------|-------------------|----------------------------| | GBT (Macro) | 30–50m | 2,500–4,000 sq.ft | 2–3 | Urban/rural backbone | | RTT (Rooftop) | 6–21m | 300–1,000 sq.ft | 2–3 | Buildings & commercial | | GBM (Metro) | 24–40m | 100–500 sq.ft | Up to 3 | Dense urban areas | | Smart Pole | 12m | 50–100 sq.ft | 1–2 | Smart cities & streets | | Feather Site | 3–12m | 80–150 sq.ft | 1–2 | Low-footprint, quick deploy| --- ### **Sustainability & Energy Innovation** Indus is a leader in **green telecom infrastructure**, driven by a mission to become a net-zero emissions organization. #### **Energy Efficiency Initiatives** - **Hybrid Battery Systems:** - Deployment of **Li-ion + VRLA batteries** with **HSBTS switches** to optimize performance and cost. - Reduces diesel consumption and improves backup resilience. - **Diesel Reduction Programs:** - **81,000+ low-diesel sites** established. - **85% of indoor sites converted to outdoor (ID-to-OD)**, eliminating AC usage and cutting energy costs. - **Cooling Innovations:** - Deployed **solar-powered micro-cooling, FCU, HEX-based units, and dual turbine systems**. - Achieved **industry-first implementation of Natural Cooling Units (NCUs)**. #### **Renewable Energy Transition** - **Solar & Wind:** - Operating **1,496 solar-powered sites** and **213 solar/wind microgrid sites**, including in Ladakh and Leh. - **Green Open Access (GEOA):** - Signed **8.3 MW solar PPA in Karnataka** with Amplus. - MoU with **NTPC Green Energy** to co-develop up to **3.5 GW** of renewable capacity. - **Alternative Energy Pilots:** - Testing **Aluminum-Air fuel cells** and **methanol-based gensets** for zero-emission power. - Deployed **PNG (piped natural gas)** and **biogas** solutions in select regions. - **Green Sites:** Over **78,667 sites** are diesel-free ("green"), contributing to reduced carbon footprint and enhanced community acceptance. --- ### **Strategic Acquisitions & Monetization** - **Acquired ~12,600 single-tenanted towers** from Bharti Airtel and Bharti Hexacom, expanding footprint and unlocking **incremental co-location potential**. - Focus on **monetizing 1T (single-tenant) towers** by onboarding additional operators. - **Fiber and small cell acquisitions** are under evaluation as part of inorganic growth strategy. --- ### **Risk Mitigation & Financial Resilience** - **Long-term Contracts:** Master Service Agreements (MSAs) with **average remaining life of 6.29 years (as of Sep 2024)** provide strong revenue visibility. - **Contractual Safeguards:** Include **exit charges and termination clauses** to protect against customer churn or consolidation. - Despite **high client concentration**, Indus remains the **preferred infrastructure partner** due to **reliability, speed, and scale**. --- ### **Corporate Developments** - **Board Approved New Ventures:** EV charging, Africa expansion, and smart city monetization reflect forward-looking vision. - **Digital-First Culture:** Focus on talent acquisition from premier institutions and structured training via **Indus Training Academy (ITA)**. - **Leadership:** Led by industry veteran **Mr. Bimal Dayal (CEO)** with decades of experience in telecom infrastructure and innovation.