Calcutta, Oct. 20: Calcutta-based Srei group is close to offloading its stake in telecom infrastructure company Viom Networks Limited.

According to sources, Boston based American Tower Corporation (ATC), which has operations in India, is in the forefront to acquire a majority stake in Viom from the Srei group and other investors.

The enterprise value of the firm is estimated to be around Rs 20,000 crore. The process is likely to be finalised tomorrow and the deal will be announced subsequently, sources said.

Srei group currently holds an 18.5 per cent stake in Viom. Tata Teleservices has around a 54 per cent stake, while private equity investors hold the rest. While Tata Teleservices is likely to dilute its stake as part of the deal, some private equity entities may also follow suit.

IDFC Private Equity, Macquarie SBI Infrastructure Fund, GIC Singapore and Oman Investment Fund are among the major private equity firms with stakes in Viom.

"Srei Infrastructure Finance Ltd has equity stake in Viom Networks Ltd, which is an unlisted company. The company, along with other investors, are looking at either diluting or divesting their stakes in Viom. As and when it gets finalised, we will inform the markets," Srei Infrastructure said in an announcement on the BSE.

The scrip of Srei Infrastructure Finance jumped 4.87 per cent to Rs 58.15 over the previous close on the BSE today.

Sources told The Telegraph Srei had been looking to offload its stake in Viom for a while and was waiting for a proper valuation.

The Srei group is likely to command a premium over the deal as it has management control.

"The deal is under consideration and we are in discussions (on divestment/dilution). The process is taking some time because there are lots of formalities involved," said Hemant Kanoria, chairman and managing director of Srei Infrastructure Finance.

Viom Networks came into existence in 2009 when Quippo Telecom Infrastructure Ltd, part of the Srei group, entered into a partnership with Tata Teleservices through the merger of the passive infrastructure business.

In early 2010, Viom consolidated its presence in the telecom tower infrastructure sector by acquiring the tower arm of Tata Teleservices (Maharashtra) Limited. Viom has over 42,000 towers in the country.

According to research firm Deloitte, Viom enjoys a market share of 11.3 per cent, competing with the likes of Indus Towers, Bharti Infratel, Reliance Infratel, BSNL, Tower Vision as well as overseas players like ATC.

ATC has over 13,000 towers across 22 telecom circles in the country. Through this acquisition, it will be able to consolidate its presence in the local tower business.