GTL Infrastructure (GIL), a subsidiary of GTL, has amassed nearly Rs 3,500 crore ($785 million) from national and international investors for setting up 17,000 telecom towers in India, reports the Business Standard.

The company earlier raised nearly Rs 2,200 crore ($493 millon), and another Rs 1,800 crore ($403 million) by preferential warrants and foreign currency convertible bonds.

$785 million was raised from international companies such as Europe’s financial development group DEG and Asian Development Bank, Manila. National contributors include financial institutions such as the State Bank of India, Bank of India, Bank of Baroda, Life Insurance Corporation of India (LIC) and Punjab National Bank. The exact contributions have not been declared.

GIL will set up an additional 17,000 base transceiver stations (BTSs) across the 22 telecom regions in India. Currently, GIL is in the process of setting up more than 8,000 towers and plans to set up 23,700 towers by the financial year 2011.

GTL offers services to seven telecom operators and one Wimax operator, and is considering acquisition at both national and international levels. X