Sanjeev Chachondia, operating partner of PE firm New Silk Route and a former CEO of Loop Mobile, is reckoned to have emerged the frontrunner to lead Brookfield Asset Management’s tower business in India.
Chachondia may soon be named CEO of the Canadian alternative asset management fund’s tower business in India, which to start with will be a special purpose vehicle (SPV) set up for the company’s ongoing acquisition of Reliance Communications’ stake in tower unit Reliance Infratel.
Late December, Brookfield had agreed to buy 100% equity in TowerCom Infrastructure, the SPV in which RCom has hived off its telecom towers. Once completed, RCom will receive Class B non-voting shares in the new tower company, providing 49% future economic upside in the tower business based on certain conditions, which means that the telco will enjoy certain information and other rights, but will not be involved directly or indirectly in the management and operations of the new company.
“Chachondia is a sector veteran, having worked both in the mobile services and tower infrastructure businesses, and is seen as the prime candidate to head Brookfield’s India tower venture,” one of the persons cited above said. A Brookfield spokeswoman declined comment.
Queries to NSR and RCom remained unanswered till press time. Chachondia could not be reached directly for comments.
In his current role, Chachondia has been closely involved with NSR-backed Ascend Telecom Infra, a small tower company in India.
Chachondia is being considered for the top job at a time the Canadian asset manager is likely to be an aggressive bidder for Vodafone India and Idea’s standalone towers.