Indian operator giants Bharti Airtel, Idea Cellular and Vodafone have moved forward with plans to spin-off their towers into a separate holding company, according to sources at India’s Economic Times newspaper.

An executive “familiar with the development” said that the three operators are working on creating a holding company structure that is likely to house all their passive infrastructure in a bid to “collectively monetise their tower assets.”

The proposed holding company is likely to have four subsidiaries – Bharti Infratel, Indus Towers (the three operators’ existing JV) and the tower assets of Vodafone and Idea Cellular outside of the Indus Towers JV. The shareholding pattern of the proposed holding company will reflect the number of towers owned by the three participants.

Although none of the operators involved have confirmed the move, it is thought that consolidation of the tower assets is a step towards a possible listing of the new entity.