Document:

Form 8-K

 Exhibit 10.52 

DATED OCTOBER 21, 2015 

SHARE PURCHASE AGREEMENT 

AMONGST 
 ATC ASIA
PACIFIC PTE. LTD. 
 (the Purchaser) 

AND 
 AMERICAN TOWER
INTERNATIONAL, INC. 
 (the Purchaser Guarantor) 

AND 
 THE PERSONS SET
OUT IN SCHEDULE I 
 (the Sellers) 

AND 
 VIOM NETWORKS
LIMITED 
 (the Company) 

 TABLE OF CONTENTS 

 

							
	 1
	  	DEFINITIONS AND INTERPRETATION	  	 	2	  
			
	 2
	  	SALE AND PURCHASE OF THE SALE SHARES	  	 	15	  
			
	 3
	  	CONDITIONS PRECEDENT	  	 	16	  
			
	 4
	  	COMPLETION	  	 	21	  
			
	 5
	  	CONDITION SUBSEQUENT	  	 	23	  
			
	 6
	  	REPRESENTATIONS AND WARRANTIES	  	 	24	  
			
	 7
	  	UNDERTAKINGS	  	 	28	  
			
	 8
	  	CONFIDENTIALITY	  	 	37	  
			
	 9
	  	INDEMNITY	  	 	38	  
			
	 10
	  	WITHOLDING TAX MATTERS	  	 	42	  
			
	 11
	  	FEES AND EXPENSES	  	 	42	  
			
	 12
	  	TERMINATION	  	 	43	  
			
	 13
	  	NOTICES	  	 	44	  
			
	 14
	  	GOVERNING LAW	  	 	45	  
			
	 15
	  	DISPUTE RESOLUTION	  	 	45	  
			
	 16
	  	MISCELLANEOUS	  	 	47	  
		
	 SCHEDULE I
	  	 	62	  
		
	 SCHEDULE II
	  	 	68	  
		
	 SCHEDULE III
	  	 	70	  
		
	 SCHEDULE IV
	  	 	77	  
		
	 SCHEDULE V
	  	 	81	  
		
	 SCHEDULE VI
	  	 	82	  
		
	 SCHEDULE VII
	  	 	84	  
		
	 SCHEDULE VIII
	  	 	86	  
		
	 SCHEDULE IX
	  	 	88	  
		
	 SCHEDULE X
	  	 	90	  
		
	 SCHEDULE XI
	  	 	94	  

  
 (i) 

 SHARE PURCHASE AGREEMENT 

This Share Purchase Agreement (this “Agreement”) is executed on the 21st day of October,
2015 (the “Execution Date”), at Delhi, India by and amongst: 
  

	1.	ATC ASIA PACIFIC PTE. LTD., a company incorporated in Singapore having its registered office at One Raffles Quay, North Tower, Level 25, Singapore 048583 (hereinafter referred to as the
“Purchaser”, which expression shall include its successors and permitted assigns); 

  

	2.	AMERICAN TOWER INTERNATIONAL, INC., a company incorporated in the State of Delaware, United States of America, whose registered office is at 1209 Orange Street, Wilmington, County of New Castle (hereinafter
referred to as the “Purchaser Guarantor”, which expression shall include its successors and permitted assigns); 

  

	3.	THE PERSONS SET OUT IN SCHEDULE I, whose description is set out in Schedule I (hereinafter collectively referred to as the “Sellers”, which expression shall include their successors and permitted
assigns); and 

  

	4.	VIOM NETWORKS LIMITED, a company incorporated under the Companies Act, 1956 and having its registered office at D-2, 5th Floor, Southern Park, Saket Place,
Saket, New Delhi 110017, India (hereinafter referred to as the “Company”, which expression shall include its successors and permitted assigns); 

(The Purchaser, the Purchaser Guarantor, the Sellers and the Company are hereinafter referred to each individually as a
“Party” and collectively as the “Parties”.) 
 WHEREAS: 

 

	(A)	The Company is engaged in the business of establishing and maintaining passive telecom infrastructure (pursuant to IP-1 Registration (as defined hereinafter)) and providing services in relation thereto and control of
the day to day management of the Company per the terms of the Existing Shareholders Agreement (as defined hereinafter) is vested with senior executive personnel of the Company. 

 

	(B)	The Sellers collectively own 555,429,602 Equity Shares representing 83.86% of the issued and outstanding equity share capital of the Company calculated on a Fully Diluted Basis. As on the Execution Date, IIF is a
preference shareholder with its rights set out in the Investment Agreement and in accordance with the Companies Act, 2013 (as may be modified, amended or re-enacted from time to time) with no ability to direct the management of the Company and its
operations. Considering that IIF has a tag-along right under clause 3.3.2 of the Investment Agreement (defined below) on the transfer by TTSL and QTIPL of their Equity Shares in the Company, subject to the terms and conditions as set out in
this Agreement and in accordance with the terms of the Investment Agreement, IIF has agreed to participate in the sale on conversion of 1/3rd of the IIF Shares (defined below).

  

	(C)	The Purchaser has agreed to purchase from, and the Sellers have agreed to sell to the Purchaser, the Sale Shares (as defined hereinafter) in the manner and on the terms and conditions set out in this Agreement.

  

	(D)	 The Parties are now desirous of entering into this Agreement to record and define their

  
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mutual rights and obligations in relation to, and the terms and consideration of, the acquisition of the Sale Shares by the Purchaser. 

 

	(E)	The Purchaser Guarantor has agreed to guarantee the obligations of the Purchaser in accordance with the terms of this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 
  

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 Capitalised terms used in this Agreement shall have the following meanings:

 “Accounting Principles” shall mean generally accepted accounting principles and policies in India as set forth in
pronouncements of the Institute of Chartered Accountants of India and in the Companies Act of India and as in effect from time to time as modified and as consistently applied by the Company; 

“Action or Proceeding” shall mean any litigation, claim, action, suit or proceeding, demand, arbitral action, governmental
inquiry, investigation or criminal prosecution; 
 “Affiliate” with respect to any Person, shall mean any other Person that
is directly or indirectly, through one or more intermediate Persons, Controlling, Controlled by, or under common Control of such Person, provided that for the purposes of this Agreement, the Company shall not be an Affiliate of any of the other
Parties. Provided however that, (i) with respect to Indivest, the term Affiliate shall mean only GIC Pte Ltd and entities Controlled by it, and (ii) with respect to Funderburk Mauritius Limited, the term Affiliate shall mean only
Funderburk Mauritius Limited and entities Controlled by it; 
 “Agreed Accounting Firm” shall mean: 

 

	 	(a)	Deloitte Touché Tohmatsu or any of their Indian Affiliates or associates, 

  

	 	(b)	KPMG or any of their Indian Affiliates or associates, 

  

	 	(c)	Price Waterhouse Coopers or any of their Indian Affiliates or associates, 

  

	 	(d)	EY (formerly, Ernst & Young) or any of their Indian Affiliates or associates; or 

  

	 	(e)	BMR Advisors; 

 “Agreement” shall have the meaning given to the term in the
Preamble; 
 “Alternative Transaction” shall mean: 
  

	 	(a)	with respect to the Company: 

  
 2 

	 	(i)	any direct or indirect merger, consolidation, sale, assignment, lease, transfer, issuance or disposition of, or similar transaction involving: 

 

	 	a.	the Company or its subsidiaries with respect to all or a majority of the Sites (in each case, not being a transaction in the ordinary course of business of the Company or a transaction between a Seller and its
Affiliates), or 

  

	 	b.	any shares of share capital of the Company or its subsidiaries; or 

  

	 	(ii)	any direct or indirect transaction, having the effect of causing a change in Control of the Company or its business. 

Provided however that (A) the issuance of any securities for the purposes of redemption of or payment of dividends in relation to the IIF
Shares in accordance with the Investment Agreement; (B) the issuance of shares pursuant to the IIF Conversion; and (C) transfer of shares by any Persons constituting the Kanoria Block to their respective Affiliates or a transfer of shares
by TSL or TTSL to any of their respecvtive Affiliates (including, TOF) (where such transferee has executed a deed of adherence to the Transaction Documents, as may be applicable), shall not constitute an Alternative Transaction; and 

 

	 	(b)	with respect to the Purchaser and its Affiliates that directly or indirectly have a presence in India, any direct or indirect acquisition, subscription, merger, consolidation, investment, sale, assignment, transfer,
disposition, capital investment, purchase or any other transaction that has the effect of Purchaser or its Affiliates acquiring a stake or interest in or assets or business of any telecommunications infrastructure service provider in India, other
than the Company; provided, however, that, with respect to the Purchaser and its Affiliates, an Alternative Transaction shall not include any acquisition of tower assets numbering fewer than five hundred (500) per month;
provided, further, that, for the avoidance of doubt, nothing contained herein shall restrict the ordinary course of business conducted by American Tower Corporation and its Affiliates in India as of the date hereof; 

“American Tower Corporation” shall mean American Tower Corporation, a company incorporated under the laws of the United States
of America and having its registered office at 116 Huntington Avenue, Boston, Massachusetts, U.S.A.; 
 “Anti-Bribery Laws”
shall mean the US Foreign Corrupt Practices Act, 15 U.S.C. §78-dd-1, et seq., each as existing at the time of execution of this Agreement or otherwise existing at the time a relevant action was taken; 

“ATC Guarantee” shall mean the irrevocable and unconditional sponsor support agreement guarantee made on the date hereof in
favor of the Sellers by American Tower Corporation guaranteeing the Purchaser Guarantor’s obligations under Clause 16.12 and the obligation of the Purchaser to pay the Purchase Consideration, and governed by laws of the State of New York; 

“Audited Financial Statements” shall mean the audited financial statements of the Company for the period for which such
financial statements pertain (including the balance sheet, profit and loss account, the notes to the financial statements, the director’s report, the auditor’s report and all disclosures as prescribed in Schedule III of the Companies Act
of India, except 

  
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that the director’s report shall not be required for the quarterly financial statements), along with all related audited statements of income, sources and uses of cash, share capital and
reserves for such period; 
 “Base Working Capital” shall mean the Working Capital of INR 456,28,00,000, which has been
calculated based upon the assets and liabilities of the Company set forth in the Company’s Audited Financial Statements as of June 30, 2015; 

“Business Day” shall mean a day, other than a Saturday or Sunday, on which scheduled commercial banks are open for business in
(i) Mumbai and (ii) Boston and (iii) Singapore; 
 “CCI” shall mean the Competition Commission of India; 

“Combination” shall mean and refer to the merger and amalgamation and/or combination of the businesses and operations of the
Purchaser and its Affiliates in India with the business and operations of the Company such Combination to take place in accordance with the Implementation Agreement and the New Shareholders Agreement; 

“Combination MOU” shall mean the memorandum of understanding of even date, executed between the Company, the Purchaser, TTSL,
TSL, MSIPL, SMIT and IDFCPE III and each of the entities through which the Purchaser or its Affiliates undertakes its business in India along with their respective shareholders, setting out inter alia the guiding principles for the
Combination and key terms and conditions to be included in the Implementation Agreement, including the principles for determination of the swap ratio for the proposed Combination and principles to ensure that there is no conflict of interest between
the Purchaser, on the one hand, and the Company, the TTSL, TSL, MSIPL, SMIT and IDFCPE III, on the other; 
 “Companies Act of
India” shall mean (Indian) Companies Act, 1956 and the Companies Act, 2013, as applicable, and, as amended from time to time and as supplemented by the rules and regulations issued thereunder; 

“Company” shall have the meaning given to the term in the Preamble to this Agreement; 

“Company Disclosure Schedule” shall mean the disclosure schedule delivered by the Company to the Purchaser on the date hereof,
and as may be updated in accordance with Clause 6.6; 
 “Company Indemnifying Seller” shall have the meaning as set out in
Clause 9.2; 
 “Company Warranties” shall have the meaning as set out in Clause 6.3; 

“Completion” shall have the meaning given to the term in Clause 2.3; 

“Completion Date” shall have the meaning given to the term in Clause 2.3; 

“Completion Working Capital” shall mean the Working Capital calculated in accordance with the provisions of Clause 2.4 below;

 “Conditions Precedent” shall mean those conditions set forth in Clauses 3.1, 3.2 and 3.3; 

“Consolidated Arbitration” shall have the meaning set forth in Clause 15.7; 

  
 4 

 “Contingent Liabilities” shall mean any Liability that is required under the
Accounting Principles to be provisioned or reserved for in the financial statements of the Company or disclosed in the notes thereto; 

“Contract” shall mean any subsisting agreement, lease, leave or license, evidence of Indebtedness, mortgage, indenture,
security agreement or other contract, including any schedules or exhibits thereto, but excluding the Land Leases; 

“Control” shall mean the power to direct the management or policies of a Person, directly or indirectly, whether through the
ownership of shares or other securities, by contract or otherwise; provided that, in any event, the direct or indirect ownership of more than fifty percent (50%) of the securities of a Person is deemed to constitute Control of that Person, and
“Controlling” and “Controlled” have corresponding meanings; 
 “Current Assets” shall
mean, as of the applicable date, all of the consolidated current assets of the Company or other provisions as determined in accordance with the Accounting Principles and in accordance with Schedule VIII; 

“Current Liabilities” shall mean, as of the applicable date, all of the consolidated current Liabilities of the Company,
excluding borrowings from banks, if any, as determined in accordance with the Accounting Principles and in accordance with Schedule VIII; 

“De Minimis Loss” shall have the meaning given to the term in Clause 9.11; 

“DOT” shall mean the Department of Telecommunications, Ministry of Communications and Information Technology, Government of
India; 
 “Encumbrance” shall mean any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation,
assignment, deed of trust, title retention, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, or any arrangement for exercising voting rights issued to a
third party, a power of attorney (by whatever name called) issued to a third party for transferring or exercising any rights or a voting trust agreement, or an interest, option, right of first offer or refusal or other transfer restriction in favour
of any Person; 
 “Equipment” shall mean all physical assets (other than real property and interests therein), and includes
civil and electrical infrastructure, machinery, tools, equipment, fixtures, vehicles, spare parts and other tangible property, in each case whether owned or leased by the Company, that is used by the Company for the operation or management of the
Sites and includes generators, batteries, and security devices, but excluding Operator Equipment; 
 “Equity Shares” shall
mean the issued and outstanding equity shares of the Company on a Fully Diluted Basis with face value of Rupees ten (Rs.10) each; 

“Execution Date” shall have the meaning given to the term in the Preamble to this Agreement; 

“Executive Committee” shall mean the current executive committee of the board of directors of the Company; 

  
 5 

 “Existing Inter-se Agreement” shall mean the inter-se agreement, dated
29 July 2009, between certain Existing Shareholders with respect to the inter-se rights of such Existing Shareholders; 

“Existing Shareholders” shall mean the shareholders of the Company as on the Execution Date as listed at Schedule I; 

“Existing Shareholders Agreement” shall mean the Shareholders Agreement, dated August 18, 2009, executed inter alia
between and amongst certain Existing Shareholders and the Company; 
 “FIPB” shall mean the Foreign Investment Promotion
Board, Department of Economic Affairs, Ministry of Finance, Government of India; 
 “Fully Diluted Basis” shall mean, with
reference to any amount or percentage of the share capital of the Company, such amount or percentage calculated as if all of the securities (including any convertible preferred shares), stock options or other obligations that are convertible into or
exercisable or exchangeable for, or which carry a right to subscribe to or purchase or which represent or bestow any beneficial ownership or interest in, the shares of the Company, then issued and outstanding, had been exercised in full (whether or
not such securities, stock options or other obligations are at such time exercisable or convertible), it being clarified that the IIF Conversion shall be taken into account for any calculation of shareholding on a Fully Diluted Basis. It is further
clarified that any non-convertible preference shares held under the Investment Agreement shall not be considered for the purposes of determining the shareholding of the Company on a Fully Diluted Basis; 

“Governmental Approvals” shall mean all licenses, permits, no-objection certificates, franchises, certifications, waivers,
variances, registrations, consents, approvals, qualifications and other authorizations to, from or with any Governmental Authority; 

“Governmental Authority” shall mean any governmental or statutory authority, government department, agency, commission, board,
stock exchange, tribunal or court or other entity authorized to make Laws, rules or regulations or pass directions, having or purporting to have jurisdiction or any state or other sub-division thereof or any municipality, district or other
sub-division thereof; 
 “Government Entity” shall mean (a) a Governmental Authority; or (b) a government
owned/government-controlled association, organization, business or enterprise, provided that Funderburk Mauritius Limited or its Affiliates shall not be deemed to be a Government Entity; 

“Government Official” shall mean (a) an employee, officer or representative of, or any person otherwise acting in an
official capacity for or on behalf of a Government Entity; (b) a legislative, administrative, or judicial official, regardless of whether elected or appointed; (c) an officer of, or individual who holds a position in, a political party;
(d) a candidate for political office; (e) an individual who holds any other official, ceremonial, or other appointed or inherited position with a government or any of its agencies; or (f) an officer or employee of a supra-national
organization (e.g., World Bank, United Nations, International Monetary Fund, OECD), provided that no person employed by or representing Funderburk Mauritius Limited or its Affiliates shall be deemed to be a Government Official; 

  
 6 

 “IA CWC Certificate” shall have the meaning set out in Clause 2.4.2; 

“IDFCPE II” shall have the meaning as set out in Schedule I; 

“IDFCPE III” shall mean IDFC Private Equity Fund III, a unit scheme of the IDFC Infrastructure Fund 3 (being a trust created
under the Indian Trusts Act, 1881 and registered as a venture capital fund with the Securities Exchange Board of India under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996) and whose office is at 201, Naman
Chambers, C-32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, India, of which IDFC Trustee Company Limited, whose registered office is at 201, Naman Chambers, C-32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, India, is a
trustee and represented by IDFC Alternatives Limited, a company incorporated in India and whose registered office is at 101, Naman Chambers, C-31, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, India, and a place of business at 7th
floor, One IndiaBulls Centre, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013, India, acting in its capacity as the investment Manager of IDFC Private Equity Fund III; 

“IIF” shall mean India Infrastructure Fund, a venture capital fund registered under the Securities and Exchange Board of India
(Venture Capital Funds) Regulations 1996 and established as an irrevocable trust under the Indian Trusts Act, 1882 through the indenture dated March 4, 2008, of which IDFC Trustee Company Limited, whose registered office is at Naman Chambers,
C-32, G-Block, BandraKurla Complex, Bandra East, Mumbai 400051, India, is a trustee and represented by IDFC Alternatives Limited (Investment Manager) whose registered office is at Naman Chambers, C 32, G Block, BandraKurla Complex, Bandra East,
Mumbai 400051 India and a place of business at 7th floor, One IndiaBulls Centre, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013; 

“IIF Conversion” shall mean the conversion of one-third of the IIF Shares into 4,621,927 Equity Shares prior to Completion in
accordance with the terms of the Investment Agreement and this Agreement; 
 “IIF Shares” shall mean 249,850,022 cumulative
redeemable optionally convertible preference shares held by IIF; 
 “Implementation Agreement” shall mean the implementation
agreement to be entered into between the Company, the Purchaser, TTSL, TSL, MSIPL, SMIT and IDFCPE III and each of the entities through which the Purchaser undertakes its business in India along with their respective shareholders, which agreement
shall incorporate the principles and guidelines set out in the Combination MOU and set out in detail the manner, terms and conditions (including the swap ratio) on which the Combination shall be undertaken and given effect; 

“Indebtedness” shall mean, as to any Person, (a) all obligations of such Person for borrowed money (including
reimbursement and all other obligations with respect to surety bonds, letters of credit and bankers’ acceptances, whether or not matured), (b) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments,
(c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable and accrued / due commercial or trade Liabilities due arising in the ordinary course of business and any other current
liabilities, (d) all interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be 

  
 7 

 
made by such Person, whether periodically or upon the happening of a contingency, (e) all indebtedness created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person, (f) all obligations of such Person under capital leases as reflected in its financial statements, but subject in any event to the Accounting Principles, (g) all indebtedness secured by any lien
on any property or asset owned or held by such Person regardless of whether the indebtedness secured thereby shall have been assumed by such Person or is non-recourse to the credit of such Person, and (h) all guarantees by such Person of the
Indebtedness of any other Person, provided that the term Indebtedness shall not include any obligations under Land Leases; 

“Indemnifying Seller” shall mean each of the Title Indemnifying Sellers, the Company Indemnifying Sellers and the KB
Indemnifying Seller (as applicable); 
 “India Tower Business” shall have the meaning as set out in Clause 7.10; 

“Indian Law” shall mean all Law having the effect of law in India; 

“Information” shall have the meaning given to the term in Clause 8.1; 

“INR” or “Rupees” or “Rs.” shall mean Indian rupees, being the lawful currency of India;

 “Investment Agreement” shall mean the Investment Agreement, dated March 23, 2010, amongst IIF, TTSL, QTIPL, Tata
Internet Services Limited and the Company (as amended); 
 “IP-1 Registration” shall mean the registration certificate for
infrastructure provider category I bearing registration certificate No. 168/ 2007 dated August 30, 2007, issued by the DOT with a document bearing reference No. 10-40/2007 BS-1; 

“IT Act” shall mean the Indian Income Tax Act, 1961; 

“Kanoria Block” or “KB Shareholders” shall mean Mr. Sunil Kanoria, SREI, QTIPL, Confident, Optimum,
Right Towers, Resurgent and Aksayakala, as described in Schedule I; 
 “KB Indemnifying Seller” shall have the meaning as
set out in Clause 9.3; 
 “Land Lease” shall mean any lease, easement, right of way, license, permit or other right of use
agreement pursuant to which the Company holds a leasehold interest, leasehold estate or other real property interest (including interest by way of an enforceable leave or license) or other right of use agreement for any Site, including, the
associated access rights; 
 “Law” shall mean all applicable statutes, enactments, acts of legislature or parliament, laws,
ordinances, rules, by-laws, regulations, notifications, guidelines, policies, directions, directives and orders of any Governmental Authority; 

“Leased Land” shall mean each interest in real property or a tract of land on which a Tower (including a Rooftop Tower) is
located or otherwise used by the Company for its use and benefit, as of the date of this Agreement or the Completion Date (as applicable), which parcel of real property or tract of land is leased, subleased or otherwise occupied or used to or by the
Company pursuant to a Land Lease; 

  
 8 

 “Lender” shall mean a lender of the Company, as identified in Part A of Schedule
III, and includes any security trustee or the like acting on behalf of such lender; 
 “Lender Consent” shall mean an
approval in writing from each Lender from whom consent is required with respect to the purchase of the Sale Shares by the Purchaser from the Sellers as contemplated under this Agreement, as set out in Part B of Schedule III; 

“Liabilities” shall mean, as determined in accordance with the Accounting Principles, all Indebtedness, and other liabilities
of a Person (taking into account any necessary inter-company eliminations such as receivables/payables and investments), including any liabilities relating to Taxes and liabilities of trade creditors, book
overdrafts, customer deposits and provisions for gratuity or leave, encashment or fringe benefit taxes or statutory dues; 

“Loss” or “Losses” shall have the meaning as set out in Clause 9.1; 

“Material Adverse Effect” shall mean such event, circumstance or change as has had, separately or in the aggregate, a material
adverse effect on the business, assets, financial condition or results of operations of the Company, it being understood that a material adverse effect exists in the event that the Company has had, or shall incur, Losses or Contingent Liabilities,
individually or in the aggregate, of an amount in excess of Rupees One Thousand Crores (Rs. 1,000,00,00,000) (over and above the Losses or Contingent Liabilities that have occurred prior to the Execution Date); 

Notwithstanding anything contained above, the term “Material Adverse Effect” shall not include, directly or indirectly,
(i) any economic event affecting the economy in general or the telecommunications infrastructure industry in general, including any change in applicable Law, interest rates or exchange rates, in each case not specifically relating to the
business, the Company, companies registered as Infrastructure Provider Category-1, or the transactions contemplated by this Agreement and only to the extent that it does not substantially and disproportionately affect the Company relative to other
companies in the telecommunications infrastructure industry; (ii) any action taken by the Sellers or the Company as required under this Agreement, or at the instructions of, or with the approval of or as requested by the Purchaser;
(iii) any event, circumstance or change arising on account of the acquisition of the Sale Shares pursuant to and in compliance with the terms of this Agreement or the execution of this Agreement; (iv) any liability arising from matters
disclosed in the Company Disclosure Schedule or the Audited Financial Statements as of June 30, 2015; and (v) any liability arising out of a waiver of the Condition Precedent set out in 3.2(i) by the Purchaser; 

“Material Contracts” shall mean (i) all MSAs; (ii) all loan agreements and security documents; (iii) all long
term contracts (it being understood that any contract: (a) having a term extending more than 3 years from the Execution Date and (b) which is not terminable without notice of more than 3 (three) months shall be a “long term
contract” for purposes of this definition); and (iv) all contracts having a value above Rs. 5,00,00,000 (Rupees five crores only); in each case executed by the Company and subsisting on the date of execution and the Completion Date.
Provided however, that “Material Contracts” shall not include any Land Lease. The term “Material Contract” shall refer to any one of the Material Contracts individually; 

  
 9 

 “Monthly Management Financials” shall mean monthly management financial reports
for the Company consistent with the form and manner in which they are prepared by the Company historically; 
 “MSA” shall
mean the master sharing agreements, binding letters/ emails of intent or term sheets and service orders (to the extent not covered by any of the aforesaid) by and between the Company and any Operator, including any amendments thereto, each listed in
Schedule V; 
 “MSIPL” shall mean Macquarie SBI Infrastructure Investments Pte Limited, a company incorporated under
the laws of Singapore and whose registered office is at 10 Marina Boulevard, #17-01 Tower 2, Marina Bay Financial Centre Singapore 018983; 

“New Shareholders Agreement” shall mean the shareholders agreement executed on the Execution Date by the Company, TTSL and
TSL, IDFCPE III, MSIPL and SMIT and the Purchaser; 
 “Non Resident Seller” shall mean each Seller resident outside India
for the purposes of the IT Act; 
 “Operator” shall mean each carrier or operator with whom the Company has entered into an
MSA; 
 “Operator Equipment” shall mean telecommunications, radio and other communications equipment on the applicable Site,
in each case other than Equipment provided by the Company to an Operator; 
 “Order” shall mean any writ, judgment, decree,
injunction, decision, ruling or order of any Governmental Authority (in each such case whether preliminary or final); 
 “Other
Company Warranties” shall have the meaning as set out in Clause 6.4; 
 “Owned Land” shall mean each parcel of real
property (whether on the ground or rooftop) or tract of land on which a Tower is located which parcel of real property or tract of land is owned by the Company; 

“Party” or “Parties” shall have the meaning given to the term in the Preamble to this Agreement; 

“Pending Arbitration” shall have the meaning as set out in Clause 15.7; 

“Person” shall mean any natural person, limited or unlimited liability company, corporation, partnership (whether limited or
unlimited), proprietorship, Hindu undivided family, trust, union, association, government or any agency or political subdivision thereof or any other entity that may be treated as a person under applicable Law; 

“Purchase Consideration” shall have the meaning given to the term in Clause 2.2; 

“Purchaser” shall have the meaning given to the term in the Preamble to this Agreement; 

“Purchaser’s CP Confirmation” shall have the meaning given to the term in Clause 3.7; 

  
 10 

 “Purchaser Guarantor” shall have the meaning given to the term in the Preamble
to this Agreement; 
 “Purchaser’s DP” shall mean the depository participant of the Purchaser, the details whereof
shall be notified by the Purchaser to the Sellers within two (2) Business Days from the date of receipt of the Sellers’ CP Confirmation by the Purchaser; 

“Purchaser’s DP Account” shall mean the account maintained by the Purchaser with the Purchaser’s DP, the details
whereof shall be notified by the Purchaser to the Sellers within two (2) Business Days from the date of receipt of the Sellers’ CP Confirmation by the Purchaser; 

“Related Party(ies)” shall have the meaning assigned to it in Section 2(76) of the Companies Act, 2013; 

“Representatives” shall mean, with respect to each Party and/or its Affiliates, its officers, directors, employees, agents,
accountants, financial advisors, consultants and other representatives who have been appointed and authorized by such Party and/or its Affiliates to represent it for the purposes of this Agreement and the Transaction Documents; 

“Rooftop Tower” shall mean a Tower that is based on a rooftop or similar such structure, rather than on the ground; 

“Sale Shares” shall mean the 337,791,329 Equity Shares held by the Sellers (including Equity Shares to be issued to IIF prior
to Completion pursuant to the IIF Conversion) the details of which are set out in Schedule I, collectively representing 51% of the total issued and outstanding equity share capital of the Company calculated on a Fully Diluted Basis; 

“Sellers’ CP Confirmation” shall have the meaning given to the term in Clause 3.7; 

“Sellers” shall have the meaning given to the term in the Preamble to this Agreement; 

“Seller’s Bank Account” shall mean the bank account of each of the Sellers set out in Schedule VI; 

“Sellers’ Disclosure Schedule” shall mean the disclosure schedule relating to the Sellers delivered by the Sellers to the
Purchaser on the date hereof, and as may be updated in accordance with Clause 6.6; 
 “Sellers Depository Participants”
shall mean the despository participant identified in Schedule VII; 
 “Sellers Demat Account” shall have the meaning set out
in Schedule VII; 
 “Sellers’ Warranties” shall have the meaning given to the term in Clause 6.1; 

“Senior Management Employee” shall mean the chief executive officer of the Company and any management personnel above the
grade of the vice president of the Company; 
 “Sites” shall mean the Towers located on Leased Land or Owned Land, together
with the related Leased Land or Owned Land, the buildings, structures, improvements and facilities (if 

  
 11 

 
any) that relates to such Towers and that are owned or leased by the Company and the Equipment located thereon, the related Land Leases and all other necessary contracts and rights related to
such Towers, but excluding Operator Equipment; 
 “SMIT” shall mean SBI Macquarie Infrastructure Trustee Private Limited as
the trustee of SBI Macquarie Infrastructure Trust, a trust within the meaning of the Indian Trusts Act, 1882, having its address at 92, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, India,; 

“SREI” shall have the meaning as set out in Schedule I; 

“Taxes” or “Taxation” includes all forms of taxation (direct or indirect), charges, duties, imposts, levies
or other assessments, fees, rates and withholding obligations (with respect to compensation or otherwise), imposed by any Governmental Authority under applicable Law on income or other assessment of income, profits (including dividend), service,
sales, wealth, value added tax, excise, export duty, import duty, entry tax, professional tax, service tax, dividend distribution tax, capital gains, stamp duty and property tax, social security, payroll tax, whenever created or imposed under the
Laws of India, and all penalties, fines and interest payable and any additions in respect of such amounts; 
 “Tax
Authority” shall mean any Governmental Authority responsible for the collection, operation or administration of Taxes; 

“Tax Loss” shall have the meaning given to the term in Clause 9.2(c); 

“Tax Return” shall mean any return, declaration, report, claim for refund or information return or statement relating to
Taxes, including any schedule or attachment thereto, and including any amendment thereof; 
 “Termination Date” shall mean
July 31, 2016, or such other date as may be agreed in writing by the Parties; 
 “Third Party Agreements” shall mean
any loan agreement or any other contract of the Company that imposes any obligation on TTSL, TSL, IDFCPE II, MSIPL, SMIT or the KB Shareholders by virtue of any of the foregoing being a shareholder of the Company, or conditions the rights or
obligations of the Company on the status of any of the foregoing as a shareholder of the Company, in each case as listed at Part C of Schedule III; 

“Third Party Approval” shall mean an approval in writing to the satisfaction of the Purchaser and the Sellers from any third
party (including, without limitation, the Operators but excluding the Lenders) from whom consent is required with respect to the transfer of the Sale Shares to the Purchaser as contemplated under this Agreement, only to the extent as set out in
Schedule IV; 
 “Threshold Loss” shall have the meaning given to the term in Clause 9.11; 

“Title Indemnifying Seller” shall have the meaning as set out in Clause 9.1; 

“TOF” shall mean the Tata Opportunities Fund LP (a limited partnership registered in Singapore) or any other successor limited
partnerships, managed by Tata Capital Advisors Pte. Limited and shall include: 

  
 12 

	 	(i)	its general partner and limited partners 

  

	 	(ii)	any Persons, funds, vehicles or companies directly or indirectly, managed or advised by Tata Capital Advisors Pte. Limited, in its capacity as an investment manager 

 

	 	(iii)	Tata Capital Limited and any Persons or entities, directly or indirectly, owned or Controlled or managed by or under the joint Control of Tata Capital Limited; 

“Towers” shall mean the transmission tower(s), rooftop structure(s), pole(s) or similar infrastructure or equipment (including
civil and electrical infrastructure) located at each of the Sites and owned or leased by the Company; 
 “Transaction
Documents” shall mean: 
  

	 	(a)	this Agreement; 

  

	 	(b)	the New Shareholders Agreement; 

  

	 	(c)	the sponsor support agreement of even date executed amongst the Purchaser, the Purchaser Guarantor and the Sellers (“SPA Sponsor Support Agreement”); 

 

	 	(d)	the ATC Guarantee; 

  

	 	(e)	the sponsor support agreement of even date executed amongst the Purchaser, the Purchaser Guarantor, TTSL, TSL, MSIPL, SMIT and IDFCPE III (“SHA Sponsor Support Agreement”); 

 

	 	(f)	the SHA sponsor support agreement guarantee executed amongst ATC, TTSL, TSL, MSIPL, SMIT and IDFCPE III (“ATC SHA Guarantee”); 

 

	 	(g)	Combination MoU; 

  

	 	(h)	articles of association of the Company; 

 “TSL” shall mean Tata Sons Limited, a
company incorporated under the Companies Act, 1913 and having its registered office at Bombay House, 24 Homi Mody Street, Mumbai 400001, India; 

“TTSL” shall have the meaning as set out in Schedule I; 

“Updated Sellers’ Disclosure Schedule” shall have the meaning given to the term in Clause 6.6; and 

“Working Capital” shall mean Current Assets less Current Liabilities of the Company as of a given date, calculated in
accordance with the illustration set out in Schedule VIII; 

  
 13 

	1.2	Interpretation 

  

	 	(a)	Any reference herein to any Clause, Annexure, Schedule or Exhibit is to such Clause or Annexure or Schedule or Exhibit to this Agreement unless the context otherwise requires. The Schedules, Annexures and Exhibits to
this Agreement shall be deemed to form part of this Agreement. 

  

	 	(b)	References to a Party shall, where the context permits, include such Party’s respective successors, legal representatives and permitted assigns. 

 

	 	(c)	The headings are inserted for convenience only and shall not affect the construction of this Agreement. 

  

	 	(d)	Unless the context otherwise requires, words importing the singular include the plural and vice versa, and pronouns importing a gender include each of the masculine, feminine and neuter genders.

  

	 	(e)	Unless otherwise specified, the terms “hereof”, “herein”, “hereby”, “hereto” and derivative or similar words refer to this entire Agreement. 

 

	 	(f)	Reference to statutory provisions shall be construed as meaning and including references also to any amendment or re-enactment (whether before or after the Execution Date) for the time being in force and to all
statutory instruments or orders made pursuant to such statutory provisions. 

  

	 	(g)	Reference to the word “include” shall be construed without limitation. 

  

	 	(h)	The words “directly or indirectly” mean directly or indirectly through one or more intermediary persons or through contractual or other legal arrangements, and “direct or indirect” shall have the
correlative meanings. 

  

	 	(i)	Any reference to a document in the “agreed form” is to the form of the relevant document agreed by and among the relevant parties thereto, and for the purpose of identification, initialed by each of them or on
their behalf. 

  

	 	(j)	No provisions of this Agreement shall be interpreted in favour of, or against, any Party by reason of the extent to which such Party or its counsel participated in the drafting hereof or by reason of the extent to which
any such provision is inconsistent with any prior draft hereof. 

  

	 	(k)	Reference in this Agreement to ‘Sellers’ shall mean the Sellers severally and not jointly, and unless specifically provided in this Agreement, all respective rights and obligations of the Sellers shall be
several and not joint. Further, reference to the term “Sellers” shall mean only those Sellers to whom the provision is relevant and shall not include or pertain to IIF until it exercises the conversion in accordance with Schedule II
hereto, except for references to ‘Sellers’ in Clause 6.1, and for this purpose all references to Sale Shares in Clauses 6.1(g), (i) and (j) shall refer to the IIF Shares. 

 

	 	(l)	 Any reference to a Person’s knowledge shall mean: (i) in the case of a company or a body corporate, the knowledge (after reasonable inquiry)
of the whole time directors, 

  
 14 

	 	
managing director, chief executive officer, chief financial officer and the company secretary; (ii) in the case of a fund or trust, the knowledge of the whole time directors, managing
director, chief executive officer, chief financial officer and the company secretary or such other persons of similar description or responsibility; and (iii) in case of an individual, the knowledge of such individual himself.

  

	2	SALE AND PURCHASE OF THE SALE SHARES 

  

	2.1	Upon the terms and subject to the conditions set forth in this Agreement and in consideration of the payment of the Purchase Consideration, the Sellers hereby agree and undertake to sell and the Purchaser agrees
and undertakes to purchase from the Sellers, on the Completion Date, good and valid title to the Sale Shares, free and clear of all Encumbrances. The Parties hereby agree that if, at the time of Completion, the number of resulting shareholders
(including the Purchaser) in the Company is less than the minimum number of shareholders required under the (Indian) Companies Act, 2013, the Purchaser shall have the right to designate its Affiliates (or any individual person who is either an
employee or officer or director of the Purchaser or any of its Affiliates and details of such individual have been provided in writing to the Sellers) to purchase 1 (one) Sale Share in order to satisfy such requirement and Completion shall proceed
accordingly, provided that where such designee is an Affiliate (and not an individual person as aforementioned) such Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained in this Agreement.

  

	2.2	The Sale Shares shall represent at least 51% of the issued share capital of the Company on a Fully Diluted Basis (taking into account the IIF Conversion). As determined in accordance with Clause 2.4, the
aggregate consideration (the “Purchase Consideration”) payable by the Purchaser for the Sale Shares shall be an amount equal to: 

  

	 	(a)	a fraction (x) the numerator of which is the aggregate number of Sale Shares, and (y) the denominator of which is the total number of Equity Shares; multiplied by 

 

	 	(b)	an amount equal to INR 143,064,562,824.00 (Rupees Fourteen Thousand Three Hundred Six Crores Forty Five Lakhs Sixty Two Thousand Eight Hundred Twenty Four only); 

 

	 	(c)	less the extent to which the Completion Working Capital is less than the Base Working Capital, provided that this sub-clause (c) shall not be applicable if the difference between the Completion Working
Capital and the Base Working Capital does not exceed 20% (twenty percent) of the Base Working Capital; 

  

	2.3	The date on which the sale of the Sale Shares to the Purchaser and on which all actions and events provided in Clause 4.2 are completed (hereinafter referred to as “Completion”) shall hereinafter
be referred to as the “Completion Date”. 

  

	2.4	Calculating the Completion Working Capital 

  

	2.4.1	The Parties agree that for each calendar quarter falling between the Execution Date and the Completion Date, the Company shall, within 60 (sixty) days from the end of such calendar quarter, provide to the Purchaser and
the Sellers, the audited financial statements of the Company (including the balance sheet and profit and loss account, and cash flow statement) along with a detailed calculation of the Working Capital as of the last date of such calendar quarter,
each certified as audited by the statutory auditor of the Company. 

  
 15 

	2.4.2	The Company shall provide a certificate issued by the statutory auditor of the Company setting out the calculation, determination of, and certifying, (“IA CWC Certificate”) the Completion Working
Capital based on the latest audited financial statements of the Company which have been provided to the Purchaser and the Sellers under Clause 2.4.1 above, on or prior to the date occurring three (3) Business Days from the date of receipt of
the last of the Sellers’ CP Confirmation and the Purchaser’s CP Confirmation by the Company. 

 Provided that if the
indicative Working Capital calculated on the basis of the most recent Monthly Management Financials at the time of the Seller CP Confirmation Certificate is lower than the Base Working Capital, by more than 10% (ten percent) of the Base Working
Capital, then the Purchaser shall be entitled to require the Company to provide the IA CWC Certificate setting out the Completion Working Capital based on the audited financial statements of the Company as of the last/preceeding calendar quarter,
and the Completion Date shall be adjusted accordingly. 
  

	2.4.3	The determination of the Completion Working Capital by the statutory auditor of the Company shall be final and binding statement as the Completion Working Capital. 

 

	2.4.4	Upon receipt of the IA CWC Certificate, and in any event at least 2 (two) Business Days prior to the Completion Date, the Sellers shall issue to the Purchaser, a single statement setting out: 

 

	 	(a)	the Completion Working Capital as determined under the IA CWC Certificate; and 

  

	 	(b)	the aggregate Purchase Consideration and the Purchase Consideration payable by the Purchaser to each of the Sellers. 

  

	2.5	IIF Conversion 

  

	2.5.1	IIF and the Company hereby agree to undertake all steps necessary to complete the IIF Conversion in accordance with the terms set out in Schedule II. 

 

	2.5.2	Each of the other Parties (other than the Purchaser) hereby acknowledges that the IIF Conversion shall occur in terms of Schedule II herein and agrees to refrain from taking any action and to refrain from doing or
causing to be done, anything which could reasonably be expected to impede or impair the IIF Conversion in accordance with Schedule II. 

  

	2.6	In the event Completion occurs after April 30, 2016, the Purchase Consideration and the Non-compete Fee shall stand automatically increased by an amount corresponding to twelve percent (12%) per annum
of the Purchase Consideration and Non-compete Fee compounded on a monthly basis, calculated for a period between May 1, 2016 and the Completion Date (both dates included). 

 

	3	CONDITIONS PRECEDENT 

  

	3.1	 The Parties confirm that the following actions shall have occurred on, or prior to, the Completion Date and that Completion shall be
conditional on each of the following conditions having been either satisfied or mutually waived by the Purchaser and each of the Sellers (to the extent permissible under Law and to the extent permitted under this Agreement, as the case may be,
provided that, (i) Clause 3.1(e) shall be waivable only with mutual consent of the Purchaser and IIF, and shall not require waiver from other Sellers; (ii) 

  
 16 

	 	
waiver of Clause 3.1(c) shall also require the consent of IIF, and (iii) Clause 3.1(i) shall not be waivable by any Party): 

 

	 	(a)	the Purchaser shall have made an application to and received approval (which is subject to no materially adverse conditions, limitations or restrictions) from the FIPB for acquisition of more than fifty percent
(50%) and up to one hundred percent (100%) of the Equity Shares and the CCI for acquisition of more than fifty percent (50%) and up to one hundred percent (100%) of the Equity Shares and for the Combination, in a form and manner
to the satisfaction of the Parties; 

  

	 	(b)	the Company shall have caused the Third Party Agreements to be duly amended in agreed form, or a consent or waiver in writing from the counterparty to each Third Party Agreement to be received, to terminate any
obligation on TTSL, TSL, IDFCPE II, MSIPL, SMIT or the KB Shareholders contained therein by virtue of the TTSL, TSL, IDFCPE II, MSIPL, SMIT or the KB Shareholders being shareholders of the Company, including any requirement to maintain any minimum
shareholding in the Company or any conditions on the Company’s obligations or rights on such Persons maintaining any minimum shareholding in the Company and to provide for such obligations to be taken over by the Purchaser; 

 

	 	(c)	the Purchaser has, prior to the IIF Conversion, executed a deed of adherence and undertaking in the form mutually agreed with IIF and covering the matters set out in Schedule XI; 

 

	 	(d)	the Company shall have obtained the Lender Consents in accordance with Clause 7.5; 

  

	 	(e)	IIF Conversion shall have occurred 1 (one) day prior to Completion Date ; 

  

	 	(f)	the Implementation Agreement shall have been duly executed by or on behalf of the Company, the Purchaser, TTSL, TSL, MSIPL, SMIT, IDFCPE III and each of the entities through which the Purchaser undertakes its business
in India along with their respective shareholders and the Combination shall be given effect in a manner such that it results in TTSL and TSL together holding at least 26% of the equity shares of the merged entity pursuant to the completion of the
Combination; and 

  

	 	(g)	to the knowledge of the Parties, no Action or Proceeding or Law enacted by any Governmental Authority shall have been instituted or threatened that would render it unlawful as of the Completion Date to effect the
transactions contemplated by this Agreement in accordance with its respective terms. There shall not have been a nationalization or compulsory acquisition proceeding commenced concerning all or a substantial portion of either the wireless
infrastructure assets in India or the Company’s wireless infrastructure assets. The continued ownership by the Company of substantially all of the Sites and/or the ownership by the Purchaser of the Sale Shares, with its shares subject to
foreign ownership or control following the Completion, shall not have become illegal or invalid, or if such continued ownership has become illegal or invalid, in each case, the Parties have been able, through negotiation in good faith, to agree on a
method for restructuring the transactions contemplated hereby that would substantially accomplish the intent hereof; 

  

	 	(h)	 the Company, the Purchaser, TTSL, TSL, MSIPL, SMIT, IDFCPE III shall have agreed upon the amended articles of association of the Company to reflect
the 

  
 17 

	 	
provisions of the New Shareholders Agreement to be approved at a meeting on or around the Completion Date of each of the board of directors and the shareholders of the Company; and

  

	 	(i)	the receipt of the shareholders approval by TTSL for the transfer of the Sale Shares. 

  

	3.2	Completion shall be conditional on each of the following conditions having been either satisfied by the Sellers and the Company (as the case may be) or waived by the Purchaser (to the extent permissible under Law
and to the extent permitted under this Agreement, as the case may be): 

  

	 	(a)	each Seller which is a party to the Existing Shareholders Agreement and/ or the Existing Inter-se Agreement shall have entered into deeds of termination in agreed form to duly terminate the Existing Shareholders
Agreement and/ or the Existing Inter-se Agreement with effect from the Completion Date and shall have provided written waivers to the Company waiving their rights with respect to transfer restrictions under the articles of association of the Company
to allow for the transfer of the Sale Shares from the Sellers to the Purchaser in accordance with the terms of this Agreement; 

  

	 	(b)	the representations and warranties set out at Clause 6.1 of this Agreement shall be true and correct as on the date of execution as well as the Closing Date; 

 

	 	(c)	each Seller, which holds any Sale Shares in physical form, shall have caused the dematerialization of all of such Sale Shares; 

  

	 	(d)	other than the documents that are required to be furnished by the Purchaser under Clause 3.3(b), each Seller resident in India shall have provided the Purchaser all other documents (including, without limitation, the
valuation report) in agreed form necessary to enable the filing of the Form FC-TRS, if applicable, and shall have agreed with the Purchaser a draft of the Form FC-TRS; 

 

	 	(e)	there is no sufficient reason to believe, in the reasonable opinion of the Purchaser (evidence of which shall be provided to the Sellers by the Purchaser) that the Company, its subsidiaries, or their Representatives,
have paid, offered, promised, or authorized the payment of money or anything of value, directly or indirectly, to a Government Official while knowing or having reason to believe that any portion of such exchange is for the purpose of:

  

	 	(i)	influencing any act or decision of such Government Official in his or her official capacity, including the failure to perform an official function, in order to assist the Company, its subsidiaries, or any other person
in obtaining or retaining business, or directing business to any third party; 

  

	 	(ii)	securing an improper advantage; 

  

	 	(iii)	inducing such Government Official to use his or her influence to affect or influence any act or decision of a Government Entity to assist the Company, its subsidiaries, or any other person in obtaining or retaining
business, or directing business to any third party; or 

  
 18 

	 	(iv)	providing an unlawful personal gain or benefit, of financial or other value, to such Government Official; and 

  

	 	(f)	there is no sufficient reason to believe, in the reasonable opinion of the Purchaser (evidence of which shall be provided to the Sellers by the Purchaser) that any compensation provided by the Purchaser to the Sellers
pursuant to this Agreement is not for the Sellers’ sole benefit or will be transferred or assigned to any other Person on behalf of a Seller (i) to or for the use or benefit of any Government Official; (ii) to any other Person either
as an advance or reimbursement, if it knows that any part of such payment will be directly or indirectly given or paid by such other Person, or will reimburse such other Person for payments previously made, to any Government Official; or
(iii) to any other Person, in order to obtain or retain business, or to secure any other improper business advantage, in violation of applicable Anti-Bribery Laws. 

 

	 	(g)	no Material Adverse Effect in respect of the Company shall have occurred from the Execution Date up to the Completion Date that shall not have been cured on or prior to the Termination Date; 

 

	 	(h)	each Seller shall have delivered or caused to be delivered to the Purchaser, such Completion deliveries set forth in Clause 4.2, required to be delivered by it, in form and substance satisfactory to the Purchaser,
acting reasonably; 

  

	 	(i)	receipt by the Company of the Third Party Approvals set out in Schedule IV hereto; 

  

	 	(j)	there having been no material breach by the Company of its obligations under Clause 7.13 below; 

  

	 	(k)	each Seller shall have received all corporate authorizations and approvals required to be obtained by it under Applicable Law for carrying out any or all actions required for Completion under this Agreement, except as
provided in Clause 3.1(i); and 

  

	 	(l)	the Kanoria Block shall have procured release of all Encumbrances that have been created on the Sale Shares held by Confident, Optimum and Right Towers in favour of any third parties, including IL&FS Financial
Services Limited. 

  

	3.3	Completion shall be conditional on each of the following conditions having been either satisfied by the Purchaser or waived by each of the Sellers (to the extent permissible under Law and to the extent permitted
under this Agreement, as the case may be): 

  

	 	(a)	the Purchaser shall have executed and delivered to each of the Lenders such documents and undertakings listed in Part C of Schedule III as may be required by such Lender for granting its Lender Consent and for releasing
the Sellers from any and all past liabilities and undertakings; 

  

	 	(b)	the Purchaser shall have agreed with the Sellers resident in India a draft of the Form FC-TRS and shall have provided to all the Sellers resident in India any consent letters or undertakings as well as any other
documents in agreed form necessary to enable the filing of the Form FC-TRS, if applicable, that are required of it under applicable Law; 

  
 19 

	 	(c)	there shall have been no (i) change in Control of the Purchaser, the Purchaser Guarantor or any of American Tower Corporation’s Affiliates in India such that the Purchaser, the Purchaser Guarantor or any of
American Tower Corporation’s Affiliates in India is neither directly nor indirectly Controlled by American Tower Corporation; (ii) change in Control of American Tower Corporation; or (iii) investment into the Purchaser, Purchaser
Guarantor, American Tower Corporation or its Affiliates in India by any Person who is engaged in a business similar to the business of the Company or the business of TTSL or TSL; or (iv) investments in American Tower Corporation by any Person
(acting alone or in concert with others) such that the investments exceeds 9.8% of the shareholding of American Tower Corporation; 

  

	 	(d)	the Purchaser shall have caused legal counsels of international repute acceptable to the Existing Shareholders to have issued: 

  

	 	(i)	to the Sellers, a legal opinion certifying the enforceability of the SPA Sponsor Support Agreement and the ATC Guarantee; and 

  

	 	(ii)	to TTSL, TSL, MSIPL, SMIT and IDFCPE III, a legal opinion certifying the enforceability of the SHA Sponsor Support Agreement and the ATC SHA Guarantee; 

in each case, in an agreed form, so agreed as of or prior to the Execution Date; 

 

	 	(e)	the Purchaser shall have delivered or caused to be delivered to each of the Sellers, such Completion deliveries set forth in Clause 4.2, required to be delivered by it, in form and substance satisfactory to the Sellers,
acting reasonably; and 

  

	 	(f)	the Purchaser, shall have received all corporate authorizations and approvals required to be obtained by it under Applicable Law for carrying out any or all actions required for Completion under this Agreement.

  

	3.4	Each Party shall make best efforts to ensure (to the extent such Party is responsible for fulfilling such Condition Precedent) that the: (a) Condition Precedent set out in Clause 3.1(f) (Implementation
Agreement) and Clause 3.1(g) (Articles) above is satisfied on or prior to expiry of 45 (forty five) days from the Execution Date; and (b) Conditions Precedent set out in Clause 3.1(b) (Third Party Agreements), Clause 3.2
(i) (Third Party Approvals), Clause 3.1(d) (Lender Consents), Clause 3.2(a) (Termination of Existing Agreements), Clause 3.2(c) (Dematerialisation of Equity Shares) and Clause 3.3(a) (Purchaser Documents for
Lender Consents) are satisfied on or prior to February 29, 2016. Provided that TTSL shall commence the process for obtaining the approval of the shareholders of TTSL for the transfer of the Sale Shares within 45 (forty five) days of the
Execution Date and shall make reasonable endeavors towards obtaining such approval at the earliest possible. 

  

	3.5	Subject to Clause 3.4 above, the Sellers shall use all reasonable endeavours to fulfill the Conditions Precedent set forth in Clauses 3.1 and 3.2 at the earliest possible date and in any event before the
Termination Date. 

  

	3.6	Subject to Clause 3.4 above, the Purchaser shall use all reasonable endeavours to fulfill the Conditions Precedent set forth in Clauses 3.1 and 3.3 at the earliest possible date and in any event before the
Termination Date. 

  
 20 

	3.7	Within a period of two (2) Business Days from the fulfillment or waiver (if waived by the Purchaser and/or each of the Sellers, as the case may be, in accordance with this Agreement) of the last of the
applicable Conditions Precedent (except for (i) the Conditions Precedent that are deemed to be or due to be satisfied at the Completion Date or which by their terms may only be satisfied at the Completion Date; and (ii) the Condition
Precedent set out in Clause 3.1(e), the Sellers shall confirm, with respect to their respective obligations, such fulfillment or waiver in writing to the Purchaser (the “Sellers’ CP Confirmation”) and the Purchaser shall
confirm such fulfilment or waiver in writing to each of the Sellers (the “Purchaser’s CP Confirmation”) and each of the Sellers and the Purchaser shall provide to the other all relevant documents evidencing the satisfaction of
each of the said Conditions Precedent; provided, however, that if either the Purchaser or any of the Sellers objects in good faith to the determination of such fulfilment or waiver in the Purchaser’s CP Confirmation or the
Sellers’ CP Confirmation, as applicable, within two (2) Business Days, the Completion shall occur upon mutual agreement between the Purchaser and all the Sellers that such fulfilment or waiver has occurred or such fulfilment or waiver is
determined in accordance with Clause 15. 

  

	3.8	The Company shall deliver to the Purchaser, along with the delivery of the Sellers’ CP Confirmation by the Sellers to the Purchaser, a certificate from the statutory auditor of the Company that, as on date
for which the latest audited financial statements of the Company which have been prepared and approved by the board of directors of the Company, the Company is in compliance with all financial ratios (in the loan agreements and related documents
executed with the Lenders). 

  

	3.9	The Parties further agree and acknowledge that each of the Conditions Precedent set forth in Clause 3.1 above shall be several in nature, applicable to, and shall be the several obligation of each of the Sellers
with respect to their portion of the Sale Shares only and no such Condition Precedent shall be considered on a joint basis. It is clarified that Completion in accordance with Clause 4 hereto shall proceed only if the Conditions Precedent are
satisfied in respect of each of the Sellers. 

  

	3.10	The Parties hereby agree to cooperate with each other in good faith and provide all requisite assistance and documentation for the satisfaction of the Conditions Precedent upon being reasonably requested to do so
by any of the other Parties. 

  

	3.11	Each Party shall bear and be responsible for its own costs and expenses arising out of or in connection with its obligations under this Clause 3. 

 

	4	COMPLETION 

  

	4.1	Subject to the fulfilment or waiver (if waived by the Purchaser and/or each of the Sellers, as the case may be, in accordance with this Agreement) of all Conditions Precedent, the Completion Date shall be the
date that is 7 (seven) Business Days after the date of receipt by the Purchaser of the Sellers’ CP Confirmation and each of the Sellers of the Purchaser’s CP Confirmation (subject to Clause 3.7) or such other date as may be agreed in
writing between the Purchaser and all the Sellers. Unless otherwise agreed between the Parties, Completion shall take place at 10:00 a.m. local time at the registered office of the Company. 

At least 2 (two) Business Days prior to the proposed Completion Date: (a) the Sellers shall make available for inspection to the Purchaser
and/or any of its representatives, copies of duly completed delivery instructions, in the prescribed form, for the transfer of Sale Shares 

  
 21 

 
from the respective Seller’s Demat Account to the Purchaser’s Demat Account; and (b) the Purchaser shall make available for inspection to each of the Sellers and/or their
representatives a copy of the instructions to be issued by the Purchaser to its bank, as on the Completion Date, to transfer the Purchase Consideration as set out in Schedule I to each of the Seller’s Bank Account. 

 

	4.2	On the Completion Date, the events set out below shall take place simultaneously and no event set out below shall have been deemed to have occurred unless all of the other events have occurred in the manner as
set out herein: 

  

	 	(a)	The Purchaser shall provide each of the Sellers with a copy of the irrevocable instructions issued by the Purchaser to its bank, as on the Completion Date, to transfer the Purchase Consideration (as set out in Schedule
I against each Seller) to each of the Seller’s Bank Account. It is clarified that, subject to Clause 10.2 and Clause 10.3 hereof, the Purchaser shall not deduct and withhold from the Purchase Consideration or any other amount payable under this
Agreement, any amounts as withholding tax. 

  

	 	(b)	Each of the Sellers shall deliver to the respective Seller Depository Participant, duly executed delivery instructions, in the prescribed form, for the transfer of Sale Shares from the respective Seller’s Demat
Account to the Purchaser’s Demat Account and cause the respective Seller’s Depository Participant to acknowledge such instructions and deliver a copy of such acknowledgement to the Purchaser. 

 

	 	(c)	The Purchaser shall execute and the Sellers shall file the Form FC-TRS along with all necessary documents in relation to the transfer to the Purchaser of the Sale Shares if applicable, and deliver a copy acknowledging
receipt by the authorized dealer to the Purchaser and the Company. 

  

	 	(d)	A meeting of the board of directors of the Company shall be convened to approve the following: 

  

	 	(i)	the transfer of the Sale Shares by the Sellers to the Purchaser; 

  

	 	(ii)	the resignation of all director(s) appointed to the board of directors of the Company by the Kanoria Block and IDFCPE II and 2 (two) directors appointed to the board of directors of the Company by TSL and TTSL
collectively; 

  

	 	(iii)	the appointment of Persons as additional directors on the board of directors of the Company as nominees of the Purchaser in accordance with the New Shareholders Agreement; 

 

	 	(iv)	the revocation of all powers given by the board of directors of the Company to the resigning directors, including all powers given to the managing director, and grant of powers to the new directors in such manner as may
be required by the Purchaser in accordance with the terms of the New Shareholders Agreement; 

  

	 	(v)	the entry of the Purchaser’s name in the register of members and the names of the additional directors in the register of directors; 

  
 22 

	 	(vi)	the making of relevant entries in the register of share transfer of the Company; 

  

	 	(vii)	the revised articles of association of the Company in accordance with the New Shareholders Agreement; 

  

	 	(viii)	the convening of meeting of shareholders of the Company at short notice to approve the actions stated in Clause 4.2(d)(iii) and Clause 4.2(d)(vii); and 

 

	 	(ix)	resignation of the existing independent directors as on the Completion Date and appointment of new independent directors in accordance with the New Shareholders Agreement. 

 

	 	(e)	A meeting of the shareholders of the Company shall be convened to approve the following: 

  

	 	(i)	the appointment of Persons as regular directors on the board of directors of the Company as nominees of the Purchaser in accordance with the New Shareholders Agreement; and 

 

	 	(ii)	the revised articles of association of the Company in accordance with the New Shareholders Agreement. 

  

	 	(f)	The Company shall deliver to the Purchaser or its representative certified true copies of resolutions of the board of directors and shareholders of the Company set out above. 

 

	 	(g)	The Purchaser shall have delivered certified copies of (i) its charter documents, bylaws and such other constitutive documents, (ii) the resolutions of its stockholders and board of directors approving its
entry into, and completion of, the transactions contemplated by this Agreement, to the extent required under applicable Law, and (iii) a list of the directors, officers and other nominee(s) authorized to sign on behalf of the Purchaser together
with their specimen signatures. 

  

	 	(h)	Each Seller shall have delivered certified copies of (i) its charter documents, bylaws and such other constitutive documents; and (ii) the resolution of its stockholders and board of directors approving its
entry into, and completion of, the transactions contemplated by this Agreement, to the extent required under applicable Law. 

  

	5	CONDITION SUBSEQUENT 

 Within five (5) Business Days following the Completion Date,
the Company shall file, as prescribed under the Companies Act of India, Form DIR-12 for the appointment of the Purchaser’s nominees to the board of directors, Form DIR-11 for resignation of the Sellers’ nominee(s) from the board of
directors and Form MGT-14 in relation to the amendment of the articles of association of the Company, and provide certified true copies of proof of such filings to the Purchaser. 

  
 23 

	6	REPRESENTATIONS AND WARRANTIES 

  

	6.1	Each Seller, in relation to itself only, hereby makes, severally and not jointly, to the Purchaser each of the following representations and warranties (collectively, the “Sellers’
Warranties”, and each, a “Sellers’ Warranty”) on the date of this Agreement and on the Completion Date and only in relation to its portion of the Sale Shares, as if any express or implied reference in the Sellers’
Warranties to the Execution Date was replaced by a reference to the Completion Date, and confirms that each of the Sellers’ Warranties is true and correct in all respects as on the date hereof: 

 

	 	(a)	It is an entity duly formed, validly existing and in good standing under the Law of the jurisdiction of its formation; 

  

	 	(b)	It has all necessary corporate power, authority and capacity to enter into this Agreement on the Execution Date and will have the necessary corporate power, authority and capacity to perform its obligations, required to
be performed by it as of the Completion Date, under this Agreement prior to and as on Completion; 

  

	 	(c)	Subject to receipt of the approvals required to be obtained as Conditions Precedent set out hereunder, the execution and delivery of this Agreement and the consummation of the transfer of the Sale Shares to the
Purchaser as contemplated under this Agreement have been or shall have been duly authorized by all necessary corporate action required to be taken by such Seller as of the date of this Agreement or as of the Completion Date; 

 

	 	(d)	This Agreement has been duly executed and delivered by it, and, assuming the due authorization, execution and delivery of this Agreement by each of the other Parties hereto, constitutes a valid and binding obligation
enforceable against it in accordance with its terms, subject only to creditors’ rights and other Conditions Precedent set out herein, and the execution and delivery of this Agreement and the performance thereof does not contravene, violate or
constitute a default of, or require any consent or notice under any provision of, any agreement or arrangement with any other Person or under any other instrument to which it is a party or by which it is or may be bound, nor will it violate any Law
or Order or any other restriction of any kind or character applicable to it; 

  

	 	(e)	To the knowledge of the Seller, no order has been made, resolution passed or meeting convened for its liquidation, winding up and/or for an administration order against it and there are no cases or proceedings under any
applicable insolvency, reorganization or similar applicable Law, and no petition has been presented which shall have a material adverse effect on the ability of the Seller to cause Completion; 

 

	 	(f)	Subject to the declarations required to be made under this Agreement, no other declaration, filing or registration with, or notice to, or authorization or Governmental Approval of, any Governmental Authority or other
Person is required to be obtained or made in connection with or as a result of the execution and delivery of this Agreement by it or the consummation of the transfer of the Sale Shares to the Purchaser as contemplated herein and the performance by
it of its respective obligations hereunder; 

  
 24 

	 	(g)	The Sellers are the legal and beneficial owners of the respective Sale Shares and have good, clear and marketable title to such Sale Shares, with full right and authority to deliver the same under this Agreement;

  

	 	(h)	Subject to the satisfaction of the Conditions Precedent, the transfer of its Sale Shares to the Purchaser will convey to the Purchaser good and marketable title to its respective shares, free and clear of all
Encumbrances; 

  

	 	(i)	There are no voting trusts, rights of pre-emption, shareholder agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer of any of its Sale Shares, other than
(i) the Existing Shareholders Agreement, (ii) the Existing Inter-se Agreement, and (iii) the Investment Agreement; 

  

	 	(j)	There are no outstanding options or warrants relating to its Sale Shares, or other rights of any kind to acquire from its Sale Shares, or any other shares of the share capital of the Company or securities convertible
into or exchangeable for shares of the share capital of the Company, or which otherwise confer on it any right to acquire from such Seller, any such shares or securities, nor is it committed to issue any such option, warrant, right or security or
other rights relating to the Shares of the Company, other than as provided in the Investment Agreement; 

  

	 	(k)	It has neither employed, nor is it subject to any valid claim of, any agent, broker, investment banker, financial advisor, finder, consultant or other intermediary who is or may be entitled to a fee or commission in
connection with the transactions contemplated by this Agreement, the responsibility for which may be transferred to or fall upon the Purchaser without its express prior written consent; and 

 

	 	(l)	To the knowledge of the Seller, there is no Action or Proceeding of any Governmental Authority pending or threatened, and the Seller has not received any Order, in each case, against or adversely affecting it or
respecting or involving any of such Seller’s Equity Shares or otherwise affecting such Seller’s interests in any Equity Shares, or which seeks to prevent, restrict or delay consummation of the transactions contemplated by this Agreement,
the performance by it of its obligations hereunder or the fulfillment of any of the Conditions Precedent; 

  

	6.2	The Purchaser hereby makes the following representations and warranties to each of the Sellers on the date of this Agreement and on the Completion Date, as if any express or implied reference in the following
representations and warranties to the Execution Date was replaced by a reference to the Completion Date, and confirms that each of the following warranties are true and correct in all respects as on the date hereof: 

 

	 	(a)	It is a company duly formed, validly existing and in good standing under the Law of the jurisdiction of its formation; 

  

	 	(b)	It has all necessary corporate power, authority and capacity to enter into this Agreement and to perform its obligations required to be performed by it as of the Completion Date, under this Agreement; 

 

	 	(c)	The execution and delivery of this Agreement and the consummation of the transactions contemplated under this Agreement have been duly authorized by all necessary corporate actions on its part; 

  
 25 

	 	(d)	This Agreement has been duly executed and delivered by it and, assuming the due authorization, execution and delivery of this Agreement by each of the other Parties hereto, constitutes a valid and binding obligation
enforceable against it in accordance with its terms, subject only to creditors’ rights, and the execution and delivery of this Agreement and the performance thereof does not contravene, violate or constitute a default of, or require any consent
or notice under any provision of, any agreement or arrangement with any third party or under any other instrument to which it is a party or by which it is or may be bound, nor will it violate any Law or Order or any other restriction of any kind or
character applicable to it; 

  

	 	(e)	To the knowledge of the Purchaser, no order has been made, petition presented, resolution passed or meeting convened for its liquidation, winding up and/or for an administration order against it and there are no cases
or proceedings under any applicable insolvency, reorganization or similar applicable Law; 

  

	 	(f)	No other declaration, filing or registration with, or notice to, or authorization or Governmental Approval of, any Governmental Authority or other Person is required to be obtained or made in connection with or as a
result of the execution and delivery of this Agreement by it or the consummation of the transactions contemplated herein and the performance by it of its respective obligations hereunder; 

 

	 	(g)	It has neither employed, nor is it subject to any valid claim of, any agent, broker, investment banker, financial advisor, finder, consultant or other intermediary who is or may be entitled to a fee or commission in
connection with the transactions contemplated by this Agreement, other than those fees for which it shall be solely responsible; and 

  

	 	(h)	There is no Action or Proceeding or Order of any Governmental Authority pending or adversely affecting, or to the Purchaser’s knowledge, threatened against it, or which seeks to prevent, restrict or delay
consummation of the transactions contemplated by this Agreement, the performance by it of its obligations hereunder or the fulfillment of any of the Conditions Precedent. 

 

	6.3	The Company hereby makes to the Purchaser each of the following representations and warranties (collectively, the “Company Warranties”, and each, a “Company Warranty”) on the
date of this Agreement and on the Completion Date, as if any express or implied reference in the Company Warranties to the Execution Date was replaced by a reference to the Completion Date, and confirms that each of the Company Warranties is true
and correct in all respects as on the date hereof: 

  

	 	(a)	Except as disclosed in the Company Disclosure Schedule or the Audited Financial Statements for the period ending March 31, 2015 or June 30, 2015, the Company does not have any Contract with any Related Party
or any of the Sellers or their respective subsidiaries neither it nor its subsidiaries, executive officers nor directors are party or subject to any Contract with any Seller, including any Contract providing for the furnishing of services to or by,
providing for rental of property, real, personal or mixed, to or from, or providing for the lending or borrowing of money to or from, the leasing of property to or from, or otherwise requiring payments to or from, any Seller (other than employment
arrangements); 

  
 26 

	 	(b)	The Audited Financial Statements as of March 31, 2015 and the Audited Financial Statements as of June 30, 2015 respectively give a true and fair view of the state of affairs of the Company, as of the date of
such Audited Financial Statements respectively; and 

  

	 	(c)	The Company Disclosure Schedule or the Audited Financial Statements for the period ending June 30, 2015 sets out the list of all Material Contracts entered into by the Company. 

 

	6.4	The Company hereby makes to the Purchaser each of the following representations and warranties (collectively, the “Other Company Warranties”, and each, a “Other Company
Warranty”) on the date of this Agreement and on the Completion Date, as if any express or implied reference in the Other Company Warranties to the Execution Date was replaced by a reference to the Completion Date, and confirms that each of
the Other Company Warranties is true and correct in all respects as on the date hereof: 

  

	 	(a)	To the best of its knowledge, the Company and its subsidiaries or its Representatives, have not paid, offered, promised, or authorized the payment of money or anything of value, directly or indirectly to a Government
Official while knowing or having reason to believe that any portion of such exchange is for the purpose of: 

  

	 	(i)	influencing any act or decision of such Government Official in his or her official capacity, including the failure to perform an official function, in order to assist the Company, its subsidiaries, or any other person
in obtaining or retaining business, or directing business to any third party; 

  

	 	(ii)	securing an improper advantage; 

  

	 	(iii)	inducing such Government Official to use his or her influence to affect or influence any act or decision of a Government Entity to assist the Company, its subsidiaries, or any other person in obtaining or retaining
business, or directing business to any third party; or 

  

	 	(iv)	providing an unlawful personal gain or benefit, of financial or other value, to such Government Official, 

in each case in violation of the Anti-Bribery Laws; and 
  

	 	(b)	Other than as provided in Schedule III and Schedule IV, no other consent from any Lender or third parties pursuant to any Material Contract is required for Completion as contemplated under this Agreement.

  

	6.5	Each of the Persons constituting the Kanoria Block hereby represents and warrants, as on the Execution Date and on the Completion Date, that, to the best of its knowledge, such Person is not aware of any facts,
events, or circumstances which would render the representation in Clause 6.4(a) to be false or incorrect. 

  

	6.6	Notwithstanding anything to the contrary contained herein or elsewhere, the Parties agree and acknowledge that: 

  

	 	(a)	each of the Seller Warranties and Company Warranties is separate and independent; 

  
 27 

	 	(b)	none of the Sellers or the Company shall be liable for any Loss incurred by the Purchaser (whether for breach of a Seller Warranty, Company Warranty, covenants, undertakings, or otherwise) if and to the extent that the
fact, matter, event or circumstance giving rise to such Loss or claim has been disclosed to the Purchasers as part of the Company Disclosure Schedule, the Sellers’ Disclosure Schedule, the Updated Sellers’ Disclosure Schedule, the Updated
Company Disclosure Schedule and the Audited Financial Statements for the period ending March 31, 2015 and June 30, 2015 made available to the Purchaser from time to time; 

 

	 	(c)	for each of the Seller Warranties, the Sellers shall have the right to deliver a Sellers’ Disclosure Schedule on the Execution Date, setting out the facts, matters, events or circumstances, which shall act as
qualifications, caveats and exceptions to the Seller Warranties; 

  

	 	(d)	for each of the Company Warranties and Clause 9.2(c), the Company shall have the right to deliver a Company Disclosure Schedule on the Execution Date, setting out the facts, matters, events or circumstances, which shall
act as qualifications, caveats and exceptions to the Company Warranties and Clause 9.2(c); 

  

	 	(e)	all matters contained in the Sellers’ Disclosure Schedule and Company Disclosure Schedule, and the Audited Financial Statements for the period ending March 31, 2015 and June 30, 2015, shall automatically
and without any further action, be deemed to qualify, caveat and create an exception to the Seller Warranties and the Company Warranties and Clause 9.2(c) respectively; 

 

	 	(f)	at any time prior to the Completion Date, the Sellers and the Company shall inform the Purchaser promptly upon knowledge of any incorrect or inaccurate information or facts included or omitted from the Sellers’
Disclosure Schedule or the Company Disclosure Schedule respectively, or of any development, change, event, act, omission or occurrence after the Execution Date but before the Completion Date that results in any of the Sellers’ Warranties, the
Company Warranties and the information relating to Clause 9.2(c), as the case may be, being untrue or incorrect as on the Completion Date; 

  

	 	(g)	at any time prior to the Completion Date, the Sellers may provide the Purchaser with updated versions of the Sellers’ Disclosure Schedule (the “Updated Sellers’ Disclosure Schedule”), and
the Company may provide the Purchaser with updated versions of the Company Disclosure Schedule (the “Updated Company Disclosure Schedule”) updated solely for the events occurring between the Execution Date and the Completion Date.
All matters contained in the Updated Sellers’ Disclosure Schedule and Updated Company Disclosure Schedule, shall automatically and without any further action, be deemed to qualify, caveat and create an exception to the Seller Warranties and the
Company Warranties and Clause 9.2(c), respectively, on and from the date of such updated disclosure. 

  

	7	UNDERTAKINGS 

  

	7.1	 Subject to Clause 8 of this Agreement and applicable Law, from the Execution Date until the Completion Date, the Company shall ensure that the
Purchaser and its Representatives have reasonable access at reasonable times, and upon the Purchaser’s written request of at least three (3) Business Days, to all relevant personnel, officers, employees, agents, accountants,

  
 28 

	 	
properties (including each of the Sites) and facilities of the Company, all relevant books and records relating to the Company, and all relevant contracts, files and agreements and other
documentation specifically required in connection with operating the Company in the possession or control of the Company relating to the Company or any of the Sites and, upon the Purchaser’s written request of at least three (3) Business
Days, the Company shall provide the Purchaser with copies of such documents in the usual and customary format as maintained in the ordinary course (including in the case of electronically stored information, in suitable electronic form), all only to
the extent as may be reasonably requested by the Purchaser in connection with the transactions contemplated by this Agreement or as needed to complete pre-integration compliance due diligence of the Company. Notwithstanding the foregoing, the
Sellers and the Company shall not be required to provide the Purchaser and its Representatives with access to or copies of any information in violation of any Law or Order. The Purchaser shall ensure that all Representatives of the Purchaser shall
maintain confidentiality for all such information as is required to be maintained by the Purchaser under this Agreement and any breach of such confidentiality on the part of any such Representatives of the Purchaser shall be deemed to be a breach on
the part of the Purchaser. It is hereby agreed that the Purchaser shall be deemed to have complied with this obligation if it has informed its Representatives of such confidentiality requirement by way of providing for the inclusion of an
appropriate provision to this effect in the agreements or other arrangements entered into with such Representatives. 

  

	7.2	Subject to each Party’s compliance with the Anti-Bribery Laws and any other applicable Law, to the extent applicable, each Party agrees to use its commercially reasonable best endeavours to achieve the following:

  

	 	(a)	to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective as promptly as practicable the transactions contemplated by this
Agreement, and to cooperate with the other in connection with the foregoing; 

  

	 	(b)	to refrain from taking, or cause to be refrained from taking, any action and to refrain from doing or causing to be done, anything which could reasonably be expected to impede or impair the consummation and the making
effective as promptly as practicable the transactions contemplated by this Agreement, including, without limitation, using its commercially reasonable endeavours to (i) obtain all necessary Governmental Approvals from Governmental Authorities,
(ii) obtain or make all Governmental Approvals that are required to be obtained under any Law or Order as well as any consents, approvals, actions, filings and notices that are required under any contract, (iii) prevent entry of, or to
lift or rescind, any injunction or restraining order or other Order adversely affecting the ability of the Parties to consummate the transactions contemplated by this Agreement, and (iv) effect all necessary registrations and filings,
including, but not limited to, filings and submissions of information requested or required by any Governmental Authority; 

  

	 	(c)	the Sellers hereby agree that the Sellers shall (and shall, by way of exercising their respective contractual and voting rights in the Company, endeavour to cause the Company to) cooperate and share information and
provide documentation as may be needed by the Purchaser to obtain the approval of the CCI and FIPB for the transactions contemplated by this Agreement; and 

  
 29 

	 	(d)	each Seller shall, as promptly as practicable, use its commercially best endeavours to exercise its contractual and voting rights, including at the board and shareholders meetings of the Company, in manner such that the
Company fulfills its covenants and undertakings under this Agreement and each Seller shall refrain from exercising its contractual and voting rights, including at the board and shareholders meetings of the Company, in manner such that the Company as
would prevent it from fulfilling its covenants and undertakings under this Agreement. 

  

	7.3	Notwithstanding anything in Clause 7.2, other than as contemplated in this Agreement, neither the Sellers nor the Company shall agree to any modifications, amendments, supplements or the like that are necessary to
obtain any required Governmental Approvals, Orders, consents, approvals, assignments or other arrangements, required to consummate the transactions contemplated by this Agreement, without the prior written approval of the Purchaser, which shall not
be unreasonably withheld, conditioned or delayed, and the Company shall pay all fees and expenses of any modifications, amendments, supplements or the like that are implemented by the Company between the date hereof and the Completion Date that are
necessary to secure any such Governmental Approval, Order, consent, approval, assignment or other arrangement. Provided however, that, in the event the Purchaser fails to take commercially reasonable action requested by any Third Party whose consent
is required for the consummation of the transactions contemplated by this Agreement, the Sellers and the Company shall cease to be responsible for obtaining the consent of such Third Party or for any Loss suffered pursuant to such refusal of the
Purchaser. 

  

	7.4	Each Party shall give each other Party prompt written notice upon the Party giving such notice becoming aware that any representation or warranty made by such Party pursuant to this Agreement is no longer true or is
likely not to be true as of the Completion Date. 

  

	7.5	Lender Consents 

 To the extent applicable, the Company, the Kanoria Block, TTSL and the
Purchaser hereby agree and undertake as follows: 
  

	 	(a)	The Company shall obtain, the Lender Consents prior to Completion, and the Purchaser and the Sellers (as may be reasonably required) agree to aid the Company in making such applications, and to use commercially
reasonable endeavours to assist the Company in securing such approvals within sixty (60) days of the Execution Date. 

  

	 	(b)	On and from the Completion date, those obligations listed in Part C of Schedule III (excluding any guarantee or financial support obligations) imposed on any Seller (such obligations having been given or extended by any
of the Sellers in favour of any of the Lenders, in their capacity as shareholders, promoters, sponsors or the like of the Company) under any existing debt facility (including any non-disposal undertaking or obligation to maintain any minimum
shareholding) shall be extinguished and replaced and substituted by the Purchaser in their entirety. In this regard, the Purchaser shall be obliged to give all such undertakings and execute all such instruments, documents and deeds as may be
required to replace and substitute those obligations listed in Part C of Schedule III (including any non-disposal undertaking or obligation to maintain any minimum shareholding) given or extended by any of the Sellers in favour of any of the
Lenders, in their capacity as shareholders, promoters, sponsors or the like of the Company. 

  
 30 

	 	(c)	Neither the Sellers nor the Purchaser shall agree (unless each of the Parties provides its consent in writing) to any changes in the terms or conditions of the underlying debt facilities, other than to modify any
condition requiring the Company to re-issue its preference shares on redemption; 

  

	 	(d)	Notwithstanding anything to the contrary herein but subject to sub-clause (e) below, nothing shall prevent the Company from repaying (including by way of refinancing) any of the Lenders and securing a discharge of
the Indebtedness of such Lender prior to Completion without any prepayment penalty or other additional charges (unless the Purchaser provides its consent in writing to incur such penalty or charge) instead of obtaining a Lender Consent from such
Lender, without any prior approval of the Purchaser; provided, however, that the Company does not incur any additional incremental debt (other than by way of refinancing) to pay off any such Lender. 

 

	 	(e)	If any Lender Consent is not obtained within 90 days from the Execution Date, TTSL and the Kanoria Block shall use commercially reasonable efforts, and cooperate with the Company, to cause the Company to refinance the
loans provided by such Lenders whose consent is not obtained within the abovementioned period, provided that TTSL and the Kanoria Block shall not be obligated to provide any financial support to secure such refinancing. It is clarified that
notwithstanding anything contained in sub-clause (d) above, no restrictions in sub-clause (d) above shall apply to refinancing made under this sub-clause (e). 

 

	7.6	Until (and including) the Completion Date, each Seller agrees that neither such Seller nor any of its respective Affiliates or Representatives: (i) shall, directly or indirectly, (A) make any proposal or offer
or enter into any negotiation or discussion regarding any transaction that if consummated would constitute an Alternative Transaction, or (B) engage or participate in any discussions or negotiations or otherwise cooperate or provide assistance
(including by way of furnishing non-public information) relating to or in contemplation of an Alternative Transaction. 

  

	7.7	Until (and including) the Completion Date, the Purchaser agrees that neither it nor any of its respective Affiliates or Representatives shall, directly or indirectly, (A) make any proposal or offer or enter into
any negotiation or discussion regarding any transaction that if consummated would constitute an Alternative Transaction, or (B) engage or participate in any discussions or negotiations or otherwise cooperate or provide assistance (including by
way of furnishing non-public information) relating to or in contemplation of an Alternative Transaction, or (C) publicly announce any agreement or enter into any definitive agreements with respect to an
Alternative Transaction. 

  

	7.8	The Kanoria Block agrees that it shall not terminate the Contracts set forth on Schedule IX, for a period of 3 (three) months from the Completion Date. 

 

	7.9	Each Party agrees that, from time to time, whether before, at or after Completion, it will execute and deliver such further instruments of conveyance and transfer and take such other actions as may be necessary to carry
out the purposes and intents of this Agreement and the transactions contemplated hereby. 

  

	7.10	Non-Compete and Non-Hire 

  
 31 

	 	(a)	The Parties acknowledge that the Kanoria Block has been in control of the management of the Company, and accordingly, it is agreed between the Purchaser and the Kanoria Block that from the Completion Date and for 3
(three) years thereafter, Kanoria Block and Mr. Hemant Kanoria, and their Affiliates, directly or indirectly will not, (i) engage in the business of owning and leasing passive infrastructure towers in India (other than through the
(A) ownership and use (but not leasing) of towers, or (B) engaging in passive infrastructure sharing with other carriers as an incidental part of operating a wireless communications business) (the “India Tower Business”)
or (ii) acquire or own the equity securities in any Person (other than the Purchaser and its Affiliates or the Company) in India that is engaged in the India Towers Business. Provided that the above restriction shall not be applicable to
(i) any Person engaged in the businesses of investments, financing, lending, holding or acquiring or trading in securities, providing financial services, or other similar activities, or (ii) any investment by a Person with the primary
objective of making financial gains and without strategic rights, provided that an investment by a Person not exceeding 10% of the paid up share capital of the investee company and not having or receiving any rights leading to acquisition of
Control, shall be deemed to constitute an investment with the primary objective of making financial gains without strategic rights. 

  

	 	(b)	It is the intention of the Parties that the provisions of this Clause 7.10 be enforced to the fullest extent permissible under the Laws and policies of each jurisdiction in which enforcement may be sought, and that the
unenforceability (or the modification to conform to such Laws or policies) of any provisions of this Clause 7.10 shall not render unenforceable, or impair, the remainder of the provisions of this Clause 7.10. Accordingly, if any provision of this
Clause 7.10 shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall be deemed to apply only with respect to the operation of such provision in the particular jurisdiction in which such determination is made and
not with respect to any other provision or jurisdiction. 

  

	 	(c)	In consideration of the Kanoria Block undertaking the obligations under this Clause 7.10, the Purchaser agrees, and the Sellers acknowledge, that: 

 

	 	(i)	Subject to the provisions of sub-clause (ii) below, the Purchaser shall pay an amount of Rs. 339,00,00,000 (Rupees Three Hundred Thirty Nine Crores) (“Non-compete Fee”) to the Kanoria Block in
proportion to their shareholding in the Company as on the Completion Date, over and above the Purchase Consideration payable on the Completion Date to the Kanoria Block (as Sellers); 

 

	 	(ii)	the Non-compete Fee shall be made subject to deduction of Taxes (as required under applicable Law), where the rate of deduction for such purpose shall be: (A) based on the certificates obtained
by the respective members of the Kanoria Block from the Assessing Officer under Section 197 of the IT Act, providing for deduction of Taxes at a lower rate, or no deduction of Taxes, as the case may be (“Section 197
Certificate”), provided, however, that the original copy of such Section 197 Certificate shall be delivered to the Purchaser by the Kanoria Block no later than two (2) Business Days prior to the Completion
Date, or (B) as provided under applicable Law, where such Section 197 Certificate has not been delivered to the Purchaser within the time period provided in (A) above; 

  
 32 

	 	(iii)	where a deduction is made on account of Taxes by the Purchaser from the Non-compete Fee, the relevant tax deduction certificates shall be provided to the Kanoria Block; 

For purposes of this Clause 7.10(c), the term “Assessing Officer” shall have the meaning ascribed to such term in the IT Act read
with Income Tax Rules, 1962. 
  

	 	(d)	The Parties acknowledge and agree that any remedy at law for any breach of the provisions of this Clause 7.10 would be inadequate, and the Parties hereby consent to the granting by any court or arbitration panel of an
injunction or other equitable relief including specific performance, without the necessity of actual monetary loss being proved, upon the breach or threatened breach of such provisions, in addition to all other remedies that any Party is entitled to
under this Agreement. 

  

	 	(e)	From the Completion Date until the first (1st) anniversary of the Completion Date (or earlier termination of this Agreement), the Kanoria Block shall not, except
with the prior written consent of the Purchaser, employ, directly or indirectly, any person employed by the Company as a key managerial personnel as of the date hereof. 

 

	 	(f)	From the Execution Date until the Completion Date (or earlier termination of this Agreement), the Purchaser and its Affiliates shall not, except with the prior written consent of the Sellers, employ, directly or
indirectly, any person employed by the Company as of the date hereof. 

  

	 	(g)	From the Execution Date until the Completion Date (or earlier termination of this Agreement), the Purchaser, the Company and each of their Affiliates shall not represent to any customer of the other Party that the
Purchaser is the shareholder or promoter of the Company or that any of its Affiliates are group companies of the Company. 

  

	 	(h)	The Company has a material interest in preserving the relationships it has developed with its customers. Accordingly, each Seller, which is subject to the obligations under this Clause 7.10, agrees that the restrictions
and covenants contained in this Clause are reasonably required for the protection of the Company and its goodwill and are of the essence to this Agreement and constitute a material inducement to the Purchaser to enter into this Agreement and that
the Purchaser would not enter into this Agreement in the absence of such an inducement. 

  

	7.11	 The Purchaser shall, by no later than ten (10) Business Days after the Execution Date (such time period to be extended by such number of Business
Days as may be reasonably required to collate the requisite information from all of the relevant Persons and to procure the written consent of the Sellers, as given below in this Clause 7.11), file such initial applications, notices, registrations
and requests as may be required or advisable to be filed by it with any Governmental Authority in order to secure approval from the FIPB for the transactions contemplated by this Agreement. The Purchaser shall use its commercially reasonable
endeavours (i) to take, or cause to be taken, all actions, and (ii) to do, or cause to be done, all things necessary, proper or advisable to obtain the FIPB approval as soon as reasonably practicable, including responding to questions and
providing any additional information requested by the FIPB as quickly as reasonably practicable and, if necessary, answering any questions posed by the FIPB. Sellers shall use commercially reasonable endeavours to, and

  
 33 

	 	
the Company shall (i) cooperate with the Purchaser in the preparation and filing of any applications, notices, registrations and requests in connection with securing the approval of the
FIPB, including furnishing such documents and information as may be required in this regard, and (ii) assist the Purchaser after the Completion, to the extent reasonably required by the Purchaser, in notifying the FIPB of any increase in the
non-resident shareholding of the Company and holding meetings and discussions with the FIPB, if applicable. To the extent permitted by Law, the Purchaser shall provide the Sellers with copies of all correspondence between it or any of its Affiliates
or its or their Representatives, on the one hand, and any Governmental Authority, on the other hand, relating to the approval of the FIPB. No applications or other filings and correspondence with any Governmental Authority shall be made without the
prior written consent of the Sellers, which consent shall not be unreasonably withheld, conditioned or delayed. 

  

	7.12	[Intentionally Left Blank] 

  

	7.13	Standstill 

  

	7.13.1	From the date hereof until the Completion Date or earlier termination of this Agreement, the Company shall cause the business and affairs of the Company to be conducted in the normal and usual course of business. Except
as contemplated by, or required for implementation of, this Agreement (including for conduct of business and affairs of the Company in the normal and usual course of business or pursuant to the annual business plan of the Company) or with the prior
written consent of the Purchaser (which consent shall not be unreasonably withheld), the Company shall: 

  

	 	(a)	use commercially reasonable endeavours to (i) preserve intact the present operations of the Sites and preserve its rights under the applicable Land Leases, (ii) preserve intact its business organization and
goodwill associated with the Sites, and (iii) preserve the goodwill and business relationships with Operators, customers, vendors and others having business relationships with them relating to the Sites; 

 

	 	(b)	neither amend, nor agree to amend, the terms of its borrowing or indebtedness in the nature of borrowing with terms any more adverse than those on which the Company had obtained such existing borrowing, unless otherwise
required due to the transactions contemplated in this Agreement; 

  

	 	(c)	neither create, incur, nor agree to create nor incur Indebtedness (except pursuant to facilities disclosed to the Purchaser as part of the due diligence on the Company and as updated by the Company prior the Execution
Date) except in the ordinary course of business or in accordance with the Company’s business plan being in aggregate, over Rs. 500,00,00,000 (Rupees Five hundred crores). The Parties agree that the Company shall not, without the prior consent
of the Executive Committee, create, incur, or agree to create or incur Indebtedness (except pursuant to facilities disclosed to the Purchaser in the Company Disclosure Letter or as part of the due diligence on the Company and as updated by the
Company prior the Execution Date) except in the ordinary course of business or in accordance with the Company’s business plan, being in aggregate over Rs. 100,00,00,000 (Rupees One hundred crores) but within Rs. 500,00,00,000 (Rupees Five
hundred crores). 

 Provided, however that such additional Indebtedness as stipulated in this Clause 7.13.1(c) shall be
undertaken on terms no less favourable than those contained in the 

  
 34 

 
existing loan agreements with the Lenders except as approved by the Executive Committee; 

Provided, further that nothing contained in this Clause 7.13.1(c) shall (a) prevent or restrict the Company or the
Sellers from refinancing or replacing any existing borrowing listed in Schedule III that is obtained by the Company (x) without any adverse terms, conditions or costs being imposed on the Purchaser in connection therewith, (y) on terms and
conditions no less favorable than the refinanced or replaced borrowing, (z) from a party other than a Related Party of any of the Sellers; or (b) utilize or draw down any existing unutilized working capital limit already sanctioned by
Lenders in favour of the Company; 
 Provided that, notwithstanding anything contained herein, nothing in this Clause 7.13 shall apply to
the creation of or incurring (or agreeing to create or incur) Indebtedness up to Rs. 100,00,00,000 (Rupees One hundred crores). 
  

	 	(d)	neither sell, dispose of, nor transfer any Site (or other material asset), except for (i) ordinary course sales, dispositions or transfers consistent with the Company’s treatment of dismantling for scrap not
having a book value in aggregate exceeding Rs. 25,00,00,000 (Rupees Twenty Five Crores) per calender quarter, or (ii) dismantling a Site that has no Operators provided that not more than 150 Sites are dismantled in any calendar quarter, it
being clarified that sales pursuant to such dismantling will be subject to the cap set out in sub-clause (i) above; 

  

	 	(e)	commence, construct or enter into commitment to construct Towers outside the annual business plan of the Company, except with the prior consent of the Executive Committee; 

 

	 	(f)	neither terminate any Material Contract nor enter into any new agreement or contract similar to any Material Contract (other than as provided in 7.13.1(g) below) with any Person. It is clarified that nothing contained
herein shall prohibit the Company from entering into MSAs, provided such MSAs are not on terms and conditions materially adverse to the Company than the terms of the existing MSAs or industry practice. 

 

	 	(g)	not terminate any vendor contracts, which are Material Contracts, nor enter into any new agreement or contract similar to any such contract with any Person other than in the ordinary course of business. Vendor
contracts, which are Material Contracts, other than in the ordinary course of business can be entered into with the prior written consent of the Executive Committee subject to an annual expenditure limit of Rs. 50,00,00,000 (Rupees Fifty Crores).

  

	 	(h)	neither cancel any debts nor waive any claims or rights of material value nor reverse any reserves in the Audited Financial Statements as of June 30, 2015 other than in accordance with the Accounting Principles;

  

	 	(i)	neither materially nor adversely alter any insurance policies in effect as of the date hereof for the Sites; 

  

	 	(j)	 not make or commit to any capital expenditures at any existing Sites except for any replacement capital expenditures or expenditures incurred in
relation to any new 

  
 35 

	 	
Operators in the ordinary course of business or installation of new technology, or for cost saving purposes; 

 

	 	(k)	neither enter into, nor become subject to, any Contract with any of the Company’s executive officers, or directors or stockholders (whether direct or indirect), including any Contract providing for the furnishing
of services to or by, providing for the rental of property, real, personal or mixed, to or from, providing for the lending or borrowing of money, providing for the leasing of property, to or from, or otherwise requiring payments, to or from, any
such Person. It is clarified that this Clause 7.13.1(k) shall not apply to: (i) any existing rights and obligations under employment agreements with executive officers and directors; (ii) renewal or expansion of any existing Contracts with
any executive officers, directors or stockholders (whether direct or indirect) of the Company on substantially similar terms and conditions as the existing Contracts while giving due consideration for expansion; and (iii) any new Contracts with
the existing executive officers, or directors or stockholders (whether direct or indirect) of the Company, subject to an annualized aggregate limit of INR 5,00,00,000/- (Rupees Five Crores). 

 

	 	(l)	not make any material changes in the financial terms of the employment agreements of any Senior Management Employee, other than in the ordinary course of business consistent with past practice. 

 

	7.13.2	Except as contemplated by, or required for implementation of, this Agreement or with the prior written consent of the Purchaser (which consent shall not be unreasonably withheld), the Company shall: 

 

	 	(a)	neither declare, pay nor set aside for payment any cash or non-cash dividend or other distribution in respect of any share capital , nor issue, sell, otherwise dispose of, reduce,
split, repurchase nor redeem nor do such other acts in relation to its share capital or equity securities, nor reserve nor grant any options, warrants, calls, rights or commitments or any other agreements of any character obligating it to issue any
shares of share capital or other equity securities provided that this Clause 7.13.2 shall not apply to the payment of dividend or to the redemption or conversion of preference shares issued under the Investment Agreement; 

 

	 	(b)	neither make nor authorize any change, which will have an adverse effect on the transaction contemplated herein, in its certificate of incorporation or constitutional documents of the Company; 

 

	 	(c)	neither materially change, nor permit to be materially changed, any accounting or Tax procedure or practice, nor make, nor permit to be made, any Tax election (other than as set forth in this Agreement) nor settle nor
compromise any Tax liability, except as required due to a change in the applicable Law or to comply with an Order; 

  

	 	(d)	pay all Taxes due and payable in a manner consistent with past practice, if required by applicable Law or pursuant to an Order, except if any Tax claim is contested before any Tax Authority or other Governmental
Authority; 

  

	 	(e)	provide the Purchaser with copies of the Monthly Management Financials, which shall be accompanied by the Company’s then current net Liabilities as of the end of such month; 

  
 36 

	7.14	The Company shall, as soon as may be commercially reasonable, commence the process for obtaining and use reasonable best endeavours to obtain prior to Completion, the Third Party Approvals set out in Schedule IV,
including written consents from any Operators where the MSA requires such consent or notification to the Operator in connection with the transactions contemplated by this Agreement, the costs in connection with the receipt of such Third Party
Approvals to be borne by the Company. Notwithstanding anything to the contrary herein, neither the Sellers nor the Company shall agree to, and the Purchaser shall not be obliged to accept, any third party’s concessions in order to obtain any
Third Party Approval, and the Parties shall discuss in good faith the waiver of the requirement for obtaining such Third Party Approval or any other reasonable means of obtaining of such Third Party Approval. TTSL hereby confirms that the execution
of this Agreement shall be deemed to constitute the consent of TTSL and TTML under the terms of the MSAs which require the consent of TTSL and/ or TTML for the transfer of the Sale Shares to the Purchaser as contemplated under this Agreement.

  

	7.15	Each Seller agrees that, for itself and its Affiliates, from and after the Completion, it will not use, other than in connection with the Company, the name “Viom” or any name substantially similar to it
in any form whatsoever, including in respect of advertising and promotional materials. For the avoidance of doubt, it is hereby clarified that nothing in this Clause 7.15 shall restrict the Sellers or any of their Affiliates from referring to their
past investment in the Company in any of their advertisements or promotional materials. Provided further that, the restrictions set out in this Clause 7.15 shall only apply to GIC Special Investments Pte Ltd and entities Controlled by it. 

  

	8	CONFIDENTIALITY 

  

	8.1	Each Party shall keep, and shall ensure that its Affiliates and their respective Representatives keep, all information relating to this Agreement and the transactions contemplated hereunder (collectively referred
to as the “Information”) confidential. None of the Parties shall issue, or permit any agent or Affiliate to issue, any public release or public announcement or otherwise make, or permit any agent or Affiliate to make, any disclosure
concerning this Agreement or the transactions contemplated herein without the prior written approval of the other Parties (such consent not to be unreasonably withheld, conditioned or delayed). 

 

	8.2	Nothing in Clause 8.1 above shall restrict the Parties from disclosing Information for the following purposes: 

  

	 	(a)	to the extent that such Information is in the public domain other than by breach of this Agreement; 

  

	 	(b)	to the extent such information is later acquired by the receiving Party from another source if the receiving Party is not, following due inquiry, aware that such source is under an obligation to another Party to keep
such documents and information confidential; 

  

	 	(c)	to the extent such Information is disclosed solely for the purposes of fulfilment of the Party’s obligations under Clause 2.4, 3 or Clause 7 above; 

 

	 	(d)	 to the extent that such Information is required to be disclosed by any applicable Law or the rules or regulations of any applicable stock exchange or
required to be disclosed to any Governmental Authority to whose jurisdiction the Parties are subject 

  
 37 

	 	
or with whose instructions it is customary to comply; provided, however, that any such disclosure shall be made after due consultation and discussions with the other Parties; and

  

	 	(e)	insofar as it is disclosed to the employees, directors, shareholders or professional advisers of the Parties, including their Affiliates or other Representatives, as the case may be, or in the case of a entity which has
been constituted as a fund, its limited partners, trustees and investment manager; provided, however, that each Party shall ensure that such persons treat such Information as confidential on the same terms as set out under this Clause
8. 

  

	9	INDEMNITY 

  

	9.1	Each Seller (“Title Indemnifying Seller”) shall indemnify, defend and hold harmless the Purchaser and its Affiliates (which become shareholders of the Company pursuant to Clause 2.1 above) and
their respective officers and directors from and against any and all actual and direct losses, damages, costs (including interest and penalties with respect thereto), out-of-pocket expenses and reasonable attorneys’ fees (together,
“Losses”) severally, arising out of: 

  

	 	(a)	any misrepresentation or any breach of its respective Sellers’ Warranties, 

  

	 	(b)	any failure by it to perform or fulfil any of its respective undertakings or agreements required to be performed by it under this Agreement, 

 

	 	(c)	any adverse impact on the title of the Purchaser to the Sale Shares pursuant to any statutory action or claim relating to the revelant Seller, 

provided that the total liability of a Title Indemnifying Seller to the Purchaser for any Losses suffered by it, or any claim for damages or
any other remedies available to the Purchaser and its Affiliates (which become shareholders of the Company pursuant to Clause 2.1 above) in connection with Clause 9.1 shall not in the aggregate exceed an amount equivalent to the Purchase
Consideration received by such Title Indemnifying Seller. 
  

	9.2	TTSL and each of the Persons constituting the Kanoria Block (each, a “Company Indemnifying Seller”) shall severally indemnify, defend and hold harmless the Purchaser and its director and
personnel from and against any and all Losses arising out of: 

  

	 	(a)	any misrepresentation or any breach of the Company Warranties, 

  

	 	(b)	any failure by the Company to perform or fulfill any of the Company’s undertakings or agreements required to be performed by the Company under this Agreement, other than: (i) the Company’s obligations
under Clause 7.13; (ii) the Other Company Warranties; and (iii) the Company’s failure to obtain Third Party Approvals, which have been waived by the Purchaser, and 

 

	 	(c)	any Taxes imposed, demanded or raised on or payable by the Company and which arise pursuant to a notice, claim, demand or Order received by the Company prior to the Execution Date in writing, and which have not been
disclosed (i) in the Audited Financial Statements as of June 30, 2015; or (iii) in the Company Disclosure Schedule, (a “Tax Loss”). 

  
 38 

 The Tax Loss shall be indemnifiable by the Company Indemnifying Sellers in accordance with the
process set out in Clause 9.10 below. 
 Each Company Indemnifying Seller, to the extent it is required to provide any information
which relates to its arrangements with the Company as shareholders of the Company, shall provide its reasonable assistance to the Purchaser in connection with the preparation and filing of any Tax Return of the Company and any audit or other
proceeding in relation to the Company with respect to Taxes, including making representations to the best of their knowledge (as may be reasonably required) to or furnishing information available with it to the Company. 

The amounts payable by the Company Indemnifying Sellers under this Clause 9.2 shall in each case, be determined in following manner: 

A/B*C, 
 Where: 

A = the number of Equity Shares sold by the Company Indemnifying Seller 

B = the Sale Shares 
 C = the
amounts payable to the Purchaser under this Clause 9.2 for a particular instance of Loss. 
 For illustration purposes: 

If the Loss incurred by the Company is Rs. 100, the amount of Loss indemnifiable shall be Rs. 51 (corresponding to the shareholding transferred
under this transaction to the Purchaser). Of this, Rs. 37.89 should be indemnifiable severally by TTSL and the Kanoria Block, for an amount of Rs. 19.63 and Rs. 18.26 respectively. 

 

	9.3	Each of the Persons constituting the Kanoria Block (each a “KB Indemnifying Seller”) shall severally indemnify, defend and hold harmless the Purchaser and its Affiliates from and against any and
all Losses arising out of a breach or misrepresentation of the representation in Clause 6.5 in proportion to its share in the Sale Shares. 

For illustration purposes: 

If the Loss is Rs. 100, the aggregate of the several liability of all members of the KB Indemnifying Sellers to indemnify the Purchaser and its
Affiliates shall in aggregate be Rs. 18.26 only. 
 Provided that the total liability of Company Indemnifying Sellers or KB Indemnifying
Seller (as the case may be) to the Purchaser (and such other Persons that may be indemnified under Clauses 9.2 and 9.3) for any Losses suffered by it, or any claim for damages or any other remedies available to the Purchaser (and such other Persons
that may be indemnified under Clauses 9.2 and 9.3) in connection with Clauses 9.2 and 9.3 shall not in the aggregate exceed an amount equivalent to 15% of the Purchase Consideration received by Company Indemnifying Sellers or such KB
Indemnifying Seller. 

  
 39 

	9.4	The obligation of the Indemnifying Sellers (as applicable) to indemnify the Purchaser shall: 

  

	 	(a)	for any breach of the Sellers’ Warranties survive for a period of 3 (three) years from the Completion Date; 

  

	 	(b)	for any breach of the Company Warranties survive for a period of 18 (eighteen) months from the Completion Date; 

  

	 	(c)	for any breach of the representation provided by the Kanoria Block in Clause 6.5 survive for a period of 18 (eighteen) months from the Completion Date. 

 

	9.5	The total liability of an Indemnifying Seller to the Purchaser (and such other Persons that may be indemnified under Clauses 9.1, 9.2 and 9.3) for any Losses suffered by it, or any claim for damages or any
other remedies available to the Purchaser (and such other Persons that may be indemnified under Clauses 9.1, 9.2 and 9.3) (to the extent applicable) in connection with this Agreement or the transactions contemplated herein, shall not, except for any
matters indemnifiable under Schedule X hereof, in the aggregate exceed an amount equivalent to 100% of the Purchase Consideration received by such Indemnifying Seller. 

 

	9.6	Notwithstanding anything contained herein, the Purchaser shall not make any claims or proceed against any of the Sellers for a breach of Clause 6.4(b). Nothing herein shall affect the Purchaser’s rights against the
Company for a breach of Clause 6.4(b). 

  

	9.7	The Indemnifying Seller shall not be liable for any indemnity claim pursuant to this Clause 9 if it receives or they receive from the Purchaser written notice later than sixty (60) days of the Purchaser becoming
aware of the facts underlying the indemnity claim containing specific details of the indemnity claim, including the amount of the indemnity claim. Receipt of any notice by the Indemnifying Seller under this Clause 9 shall not be construed to be an
acceptance by it of the validity of such claim. 

  

	9.8	If a breach of the representations or warranties is capable of remedy, the Purchaser shall give to the Indemnifying Seller a written notice of the breach and be entitled to compensation only if the breach is not
remedied within 60 (sixty) days after the date on which such notice is served on the Indemnifying Seller. The Purchaser shall not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once in respect of
the same claim. The Indemnifying Sellers shall not be liable to the Purchaser for any indirect, special or consequential damages, whether foreseeable or not (including lost profits or lost revenues), regardless of whether such liability arises in
tort, contract, breach of warranty, indemnification or otherwise. 

  

	9.9	The Purchaser shall, acting in good faith, use its reasonable endeavours to mitigate Losses or Tax Losses. Where an Indemnifying Seller has made a payment to the Purchaser in relation to any indemnity claim under this
Clause 9 and the Purchaser is entitled to recover (whether by payment, discount, credit, relief or otherwise) from a third party a sum which indemnifies or compensates the Purchaser (in whole or in part) in respect of Losses which are the subject of
an indemnity claim under this Clause 9, the Purchaser shall (i) notify the Indemnifying Seller of the fact and provide such information as the Indemnifying Seller may reasonably require; and (ii) pay to the Indemnifying Seller, as soon as
reasonably practicable, after receipt, an amount equal to the amount recovered from the third party (net of taxation and less any costs of recovery). 

  
 40 

	9.10	Process and defence of proceedings 

  

	9.10.1	If any Person notifies the Purchaser with respect to any matter (a “Third Party Claim”), in respect of which the Purchaser is entitled to make an indemnity claim under this Clause 9 or Clause 10 below
against the Indemnifying Seller, then the Purchaser shall notify the Indemnifying Seller of such Third Party Claim, as soon as reasonably practicable, after receipt of notice of such Third Party Claim. 

 

	9.10.2	Without prejudice to the Purchaser’s right to be indemnified by the Indemnifying Seller under this Clause 9, the Indemnifying Seller shall have the right, at its own cost, to take any action and institute any
proceedings to dispute, resist, appeal, compromise, defend, remedy or mitigate the Third Party Claim (“Defensive Action”), provided, however, that where the Indemnifying Seller does not respond to a notice from Purchaser of the
Third Party Claim (stating that the Indemnifying Seller assumes control of such Defensive Action as aforesaid) within 30 days of receiving a notice of such Third Party Claim, the Purchaser shall have a right to institute such Defensive Action on its
own and take the place of the Indemnifying Seller for such actions. Whether or not the Indemnifying Seller elects to defend any Third Party Claim, the Indemnifying Seller and the Purchaser shall cooperate and exercise all reasonable efforts in the
defense or prosecution of any such claim and shall furnish one another with such records, information and testimony, and attend such conferences, proceedings, hearings, trials and appeals as may be reasonably required by the other in connection
therewith. 

  

	9.10.3	Subject to Clause 9.10.2, the Purchaser shall not without the consent of the Indemnifying Sellers, consent to any settlement, waiver or understanding unless such settlement, waiver or understanding fully and
unconditionally discharges the Indemnifying Sellers from their obligation to indemnify the Purchase for such Third Party Claims. 

  

	9.11	The Indemnifying Sellers shall not be liable in relation to the indemnity obligation set out in Clause 9.2 and 9.3, for any Loss, arising from any single incident (or series of claims arising from substantially
identical facts or circumstances) that is less than INR 50,00,000 (Rupees Fifty Lakhs Only) in value (each such Loss below the aforesaid limit of INR 50,00,000 (Rupees Fifty Lakhs Only), being a “De Minimis Loss”), it being
clarified that, subject to the De Minimis Loss threshold being satisfied, the Purchaser shall be indemnified for the entire amount of such Loss and not merely the excess over the De Minimis threshold. The Indemnifying Sellers shall not be liable for
any Loss in relation to the indemnity obligation set out in Clause 9.2 and 9.3, unless the aggregate of all such Losses (each such Loss not being a De Minimis Loss) exceeds INR 100,00,00,000 (One Hundred Crores) (the “Threshold
Loss”), after which the Indemnifying Sellers shall only be liable for Losses over and above the Threshold Loss. 

  

	9.12	It is hereby clarified that where, at any time after the Execution Date, any Seller is in breach of any Sellers’ Warranty as a consequence of any change in Law with retrospective effect (which change in Law shall
have come into force after the Execution Date), then the representing Seller, shall not be held liable for such breach. 

  

	9.13	If any claim of the Purchaser against the Sellers is based upon a liability that is contingent only, then the Purchaser shall not be entitled to make a claim against the Sellers, unless and until such contingent
liability gives rise to an obligation to make a payment including interest or penalty thereon. 

  
 41 

	10	WITHOLDING TAX MATTERS 

  

	10.1	Each of the Non-Resident Sellers shall indemnify the Purchaser for any Tax Claim relating to withholding tax in accordance with Schedule X hereof, subject to the provisions of Clause 10.2, 10.3 and 10.4 below.

  

	10.2	No later than seven (7) Business Days prior to the Completion Date, each Non-Resident Seller shall have delivered to the Purchaser (a) an opinion in a form reasonably satisfactory to the Purchaser from
a Agreed Accounting Firm that no capital gains tax (and in case of Indivest, no income tax) shall be payable by the relevant Non-Resident Seller under IT Act on the transfer of the Sale Shares held by such Non-Resident Seller to the Purchaser as
contemplated in this Agreement; and (b) certified true copy of its valid tax residency certificate issued to it by the relevant authority in the Republic of Mauritius (and, in the case of Indivest, a certified true copy of the certificate of
residency issued to Indivest by the relevant authority in Singapore). 

  

	10.3	The Purchaser shall not deduct and withhold from the Purchase Consideration or any other amount payable under this Agreement, any amount as withholding tax in case of such Non-Resident Sellers as have provided
the documents set out in Clause 10.2 above. Such Non-Resident Sellers shall provide the Purchaser the indemnity as set out at Clause 10.1 above read with Schedule X. 

 

	10.4	Where any of the Non-resident Seller/s have not provided the opinion and certificate referred to in Clause 10.2 above, the Purchaser shall be entitled to deduct from the Purchase Consideration, the applicable
withholding tax, in accordance with applicable Law. In case of such Non-Resident Sellers, the indemnity provisions of this Clause 10 and Schedule X shall apply solely in respect of any Tax Claim arising due to a mis-statement or misrepresentation by
such Non-Resident Seller in the information provided by such Non-Resident Seller to Purchaser for purposes of determining the capital gains computation. 

  

	11	FEES AND EXPENSES 

  

	11.1	Each Party agrees that it shall bear by itself all costs and expenses incurred by it in connection with any discussions, negotiations and investigations undertaken in connection with the subject matter hereof, including
without limitation costs and expenses associated with the retention of financial, legal, tax and other professional advisers. Provided that, nothing in this Clause 11 shall be construed to require any of the Sellers to bear the fees of the
investment bankers, which have been engaged by the Company. 

  

	11.2	Notwithstanding anything contained in Clause 11.1 above, all stamp charges, and any penalties, interest and additions thereto, incurred in connection with the transfer of the Sale Shares under this Agreement or the
other transactions contemplated by or the execution of this Agreement shall be paid for and borne by the Purchaser. The applicable filing fee and economists’ costs (if any) in respect of the CCI Approval required under Clause 3.1(a) shall be
shared equally among Purchaser on one hand and TTSL, TSL, IDFCPE III, MSIPL and SMIT on the other hand. The Sellers and the Purchaser shall cooperate in the timely making of all filings, returns, reports and forms as may be required in connection
therewith. 

  

	11.3	 The Parties acknowledge and confirm that other than the Purchase Consideration and the fee for the non-compete obligations under Clause 7.10 set out
in this Agreement, no other 

  
 42 

	 	
amounts are being paid or are required to be paid by the Purchaser or any of the Sellers to any of the Sellers for the purposes of transfer of the Sale Shares by the Sellers to the Purchaser.

  

	12	TERMINATION 

  

	12.1	This Agreement shall be effective from the Execution Date and shall continue to be valid and in full force and effect, unless terminated earlier in accordance with this Clause 12 of this Agreement. 

 

	12.2	This Agreement may be terminated: 

  

	 	(a)	by mutual consent of the Parties in writing; 

  

	 	(b)	automatically, if Completion does not take place by the Termination Date, unless the failure to consummate the Completion is due to the breach of this Agreement by the Party that is attempting to terminate this
Agreement or its Affiliates; 

  

	 	(c)	by any Party, if (i) any Order of any Governmental Authority preventing the consummation of the transactions contemplated by this Agreement shall have become final and
non-appealable, (ii) any Law shall have rendered the transactions contemplated under this Agreement illegal, or (iii) FIPB or CCI approval is refused for the transactions contemplated by this
Agreement and the grounds of such refusal by FIPB or CCI, as the case may be, are not capable of rectification by the Parties with their mutual agreement; 

  

	 	(d)	by the Purchaser, if an Updated Company Disclosure Schedule provided by the Company contains any matters that would result in a Material Adverse Effect or would materially impair the ability of the Sellers to consummate
the transaction contemplated herein. 

  

	12.3	Termination of this Agreement shall be without prejudice to any rights or obligations of any Party; provided, however, that, where this Agreement has been terminated, any Party may bring an action
seeking only damages for a material breach of this Agreement prior to the Termination Date under Clause 12.2; provided, further, that, non-fulfillment of any of the Conditions Precedent in Clause 3 shall not, in and of itself, be
considered a material breach of this Agreement and no Party shall be liable for such non-fulfillment (except to the extent such non-fulfillment constitutes a breach of Clause 7 or any undertaking hereunder). 

 

	12.4	Each notice given by a Party pursuant to Clause 12.2 to terminate this Agreement shall specify the subsection of Clause 12.2 pursuant to which such notice is given. If at the time a Party gives a termination
notice, such Party is entitled to give such notice pursuant to more than one subsection of Clause 12.2, the subsection pursuant to which such notice is given and termination is effected shall be deemed to be the subsection specified in such notice;
provided, however, that the Party giving such notice is at such time entitled to terminate this Agreement pursuant to the specified subsection. 

  

	12.5	Notwithstanding the above, Clauses 8, 12.5, 13, 14, 15, and 16 (except for 16.12) shall survive the termination of this Agreement. 

  
 43 

	13	NOTICES 

  

	13.1	Each notice, demand, or other communication given or made under this Agreement shall be in writing and delivered or sent to the relevant Party at its address or fax number and e-mail address set out below (or such other
address or fax number and e-mail address as the addressee has specified in writing to the other Parties). Any notice, demand or other communication given or made by letter between countries shall be delivered by registered airmail or international
courier service. Any notice, demand, or other communication so addressed to the relevant Party shall be deemed to have been delivered if (i) delivered in person or by messenger, when proof of delivery is obtained by the delivering Party,
(ii) sent by post within the same country, on the fifth day following posting, (iii) sent by post to another country, on the tenth day following posting, and (iii) given or made by fax, upon dispatch and the receipt of a transmission
report confirming dispatch. 

  

	13.2	The initial address and facsimile for the Parties for the purposes of the Agreement are: 

 If
to the Purchaser: 
  

					
	Attention	 	:	  	ATC Asia Pacific Pte. Ltd.
	Address	 	:	  	 One Raffles Quay North Tower, Level 25,

Singapore 048583

	Telephone	 	:	  	65 66225351 / 66225352
	With Copies to	 		  	
			
	Attention	 	:	  	General Counsel
	Address	 	:	  	 American Tower International, Inc.
 116
Huntington Ave., 11th Floor,
 Boston, MA 02116

	Telephone	 	:	  	617-375-7500
	Facsimile	 	:	  	617-375-7575
			
	Attention	 	:	  	Clifford Chance LLP
	Address	 	:	  	 31 West 52nd Street

New York, NY 10019

	Telephone	 	:	  	212-878-8000
	Facsimile	 	:	  	+1 212 878 8375

 If to the Purchaser Guarantor: 
  

					
	Address	 	:	  	American Tower Corporation
		 		  	116 Huntington Avenue, 11th Floor
		 		  	Boston, Massachusetts, U.S.A. 02116
			
	Attention	 	:	  	General Counsel
	Fax	 	:	  	(617) 375-7570
	E-mail	 	:	  	ed.disanto@americantower.com
	With Copies to	 		  	
			
	Attention	 	:	  	Clifford Chance LLP
	Address	 	:	  	 31 West 52nd Street

New York, NY 10019

  
 44 

					
	Telephone	 	:	  	212-878-8000
	Facsimile	 	:	  	+1 212 878 8375

 If to the Company: 

 

					
	Address	 	:	  	D-2, 5th Floor, Southern Park,
		 		  	Saket Place, Saket,
		 		  	New Delhi 110017, India
			
	Attention	 	:	  	Company Secretary
			
	Telephone	 	:	  	0124 - 66344703
			
	E-mail	 	:	  	geetapuri.seth@viomnetworks.com

 If to the Sellers, at the details provided at Schedule I against the name and description of each of the
Sellers respectively. 
  

	14	GOVERNING LAW 

  

	14.1	This Agreement and the documents to be entered into pursuant to it, and any non-contractual obligations arising out of or in connection with the Agreement and such documents, shall be governed by, and construed
in accordance with, the substantive Laws of India without giving effect to the principles of conflict of Laws thereunder. 

  

	14.2	Any and all process may be served in any action or proceeding arising in connection with this Agreement by notice pursuant to Clause 13. The Parties hereby agree to waive all claims of error by reason of such service
and that such service, if delivered, sent or mailed, shall constitute good, proper and sufficient service. Nothing herein shall affect the right of any Party to service process in any other manner permitted by Law or to commence legal proceedings or
otherwise proceed against the other in any other jurisdiction to enforce judgments or rulings of the below mentioned arbitration process. 

  

	14.3	Subject to Clause 15 below, (a) the Courts in (i) Delhi and (ii) Mumbai, India shall have the jurisdiction to entertain and dispose of any proceeding arising out of or from this Agreement against any of
the Sellers, (b) the Courts in the United States of America and India shall have the exclusive jurisdiction to entertain and dispose of any proceeding arising out of or from this Agreement or the ATC Guarantee, against the Purchaser, Purchaser
Guarantor or American Tower Corporation provided, however, that nothing provided hereinabove shall restrict the ability of the Parties from enforcing any order/award in any other jurisdiction or forum. 

 

	15	DISPUTE RESOLUTION 

  

	15.1	Any and all disputes or differences among the Parties arising out of or in connection with this Agreement or its performance (other than in relation to Clause 10 and Schedule X relating to tax matters) shall, so far as
it is possible, be settled amicably through consultation among the Parties. 

  

	15.2	 If after thirty (30) days of consultation, the disputing Parties have failed to reach an amicable settlement on any or all disputes or
differences arising out of or in connection with this 

  
 45 

	 	
Agreement or its performance, such disputes or differences shall be submitted to final and binding arbitration at the request of either of the disputing Parties upon written notice to that effect
to the other. 

  

	15.3	Such arbitration shall be under and on the terms of the Arbitration and Conciliation Act, 1996 and shall be held in Delhi, India. All proceedings of such arbitration shall be in the English language. 

 

	15.4	The arbitration panel shall consist of three (3) arbitrators, one (1) arbitrator to be appointed by the Sellers jointly, one (1) arbitrator to be appointed by the Purchaser and the third (3rd) arbitrator, who shall serve as chairman, to be appointed jointly by the other two (2) arbitrators. 

  

	15.5	The arbitration panel shall have the power to order any interim or conservatory measures that it deems appropriate. 

  

	15.6	If multiple disputes arise out of or in connection with this Agreement or its performance then any or all such disputes may be determined in a single arbitration. 

 

	15.7	In the event that an arbitration under this Agreement or its performance has commenced and is still pending (the “Pending Arbitration”), when any other arbitration is commenced under any of such
documents, each disputing Party hereby agrees that the arbitration panel in the Pending Arbitration shall have the power to order consolidation of the subsequently commenced arbitration with the Pending Arbitration (together, the
“Consolidated Arbitration”), where the request for consolidation is made prior to (i) the exchange of the final written pleadings (excluding post-hearing briefs, or equivalent), or (ii) the commencement of the final
hearing on the merits in the Pending Arbitration (if any), whichever is the later, and the arbitration panel in the Pending Arbitration, in its absolute discretion, determines that: 

 

	 	(a)	the arbitrations relate to substantially similar questions of law or of fact; 

  

	 	(b)	no Party would be unduly prejudiced; and 

  

	 	(c)	consolidation under these circumstances would not result in undue delay for any of the arbitrations. 

  

	15.8	The arbitration panel in the Consolidated Arbitration shall consist of three (3) arbitrators, one (1) arbitrator to be appointed by the Sellers jointly, one (1) arbitrator to be appointed by the Purchaser
and the third (3rd) arbitrator, who shall serve as chairman, to be appointed jointly by the other two (2) arbitrators. 

 

	15.9	The Parties agree that upon consolidation, they will promptly dismiss any arbitration brought under this Agreement or its performance, the subject of which has been consolidated into a Consolidated Arbitration in
accordance with this Clause 15. 

  

	15.10	Nothing shall preclude any Party from seeking interim or permanent equitable or injunctive relief, or both, from any court having jurisdiction to grant the same. The pursuit of equitable or injunctive relief shall not
be a waiver of the duty of the Parties to pursue any remedy for monetary damages through the arbitration described in this Clause 15. 

  
 46 

	16	MISCELLANEOUS 

  

	16.1	No Partnership 

 Nothing contained in this Agreement shall create or be deemed to create
a partnership or association of persons between or among the Parties, and no Party shall hold itself out as an agent for any other Party, except with the express prior written consent of the other Party. 

 

	16.2	Remedies, Waivers, Amendments and Consents 

  

	 	(a)	Unless otherwise provided for in this Agreement, no failure on the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor
will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights
or remedies provided by Law. 

  

	 	(b)	Any provision of this Agreement may be amended only if all Parties so agree in writing. Any waiver, and any consent by any of the Parties under any provision of this Agreement, must be in writing and may be given
subject to any conditions thought fit by the person giving that waiver or consent. Any waiver or consent shall be effective only in the instance and for the purpose for which it is given. 

 

	16.3	Entire Agreement 

 This Agreement (together with any other documents referred to herein
or therein) constitutes the whole agreement among the Parties relating to the subject matter hereof to the exclusion of any terms implied by law that may be excluded by contract and supersedes any prior agreements or understandings relating to such
subject matter, including the indicative term sheet dated October 3, 2014 entered into between the Parties. 
  

	16.4	Invalidity 

  

	 	(a)	If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, the provision shall apply with whatever deletion or modification is necessary so that the provision is
legal, valid and enforceable and gives effect to the commercial intention of the Parties. 

  

	 	(b)	To the extent it is not possible to delete or modify the provision, in whole or in part, under Clause 16.4(a), then such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be
deemed not to form part of this Agreement and the legality, validity and enforceability of the remainder of this Agreement shall, subject to any deletion or modification made under Clause 16.4(a), not be affected. 

 

	16.5	Successors Bound 

 This Agreement shall be binding on and shall inure to the benefit of
and be enforceable by the successors and permitted assigns of each of the Parties hereto. 
  

	16.6	Counterparts 

  
 47 

 This Agreement may be executed in one or more counterparts including counterparts transmitted by
facsimile or e-mail, each of which shall be deemed to be an original, but all of which signed and taken together, shall constitute one document. 
  

	16.7	Time 

 Any date or period as set out in any Clause of this Agreement may be extended with
the written consent of the Parties. 
  

	16.8	Good Faith 

 Each of the Parties hereto undertakes to do, in good faith, all things
reasonably within its power which are necessary or desirable to give effect to the spirit and intent of this Agreement. 
  

	16.9	Independent Rights and Obligations 

 Each of the rights of the Parties under this
Agreement are independent, cumulative and without prejudice to all other rights available to them, and the exercise or non-exercise of any such rights shall not prejudice or constitute a waiver of any other right of the Party, whether under this
Agreement or otherwise. 
  

	16.10	Assignment 

 None of the Parties shall be entitled to assign its rights, benefits,
privileges, liabilities or obligations under this Agreement without the prior written consent of the other Parties, except that: (i) the Purchaser may assign any or all of its rights, interests and obligations under this Agreement before
Completion to any Affiliate provided that any such Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained in this Agreement (and the Transaction Documents, to the extent applicable), but no such assignment
shall relieve the Purchaser of its obligations under this Agreement and the Transaction Documents and if such assignee does not perform such obligations, shall be deemed to be a party to this Agreement and the Transaction Documents; and
(ii) each member of the Kanoria Block and TTSL may assign any or all of their respective rights, interests and obligations under this Agreement before Completion to any of their respective Affiliates (or TOF in case of TTSL), provided that in
each case, any such Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained in this Agreement (and the Transaction Documents, to the extent applicable), provided however that SREI, QTIPL, Mr. Sunil
Kanoria and TTSL shall continue to be party to this Agreement and shall continue to be subject to their obligations hereunder. If requested by the Purchaser, the Sellers agree to cause the Sale Shares or any portion thereof at Completion to be
transferred to any Affiliate of the Purchaser, the Purchaser may direct. Subject to the foregoing, this Agreement is binding upon, inures to the benefit of and is enforceable by the Parties to this Agreement and their respective successors and
assigns. Further, the Purchaser may collaterally assign its respective rights and interests under this Agreement to any financial institution providing secured debt financing to the Purchaser or any of its respective Affiliates, subject to the prior
written consent of the Sellers. Upon such permitted assignment, the references in this Agreement to the Purchaser, respectively, shall also apply to any such assignee unless the context otherwise requires. 

 

	16.11	Reasonableness 

  
 48 

 Each of the Sellers and the Purchaser confirms it has received independent legal advice relating
to all the matters provided for in this Agreement, including the terms of Clause 16.3, and agrees that the provisions of this Agreement (including the Sellers’ Disclosure Schedule, Company Disclosure Schedule and all documents entered into
pursuant to this Agreement) are fair and reasonable. 
  

	16.12	Guarantee 

  

	 	(a)	The Purchaser Guarantor hereby agrees that if the Purchaser fails to make the payment of the Purchase Consideration when it is due under or pursuant to this Agreement (after giving effect to all applicable grace, notice
and/or cure periods), the Purchaser Guarantor shall pay such amount to the Sellers. 

  

	 	(b)	Subject to Clause 16.12(e), the Purchaser Guarantor’s obligations under this Clause 16.12 will not be affected by any matter or thing that, but for this provision, might operate to affect or prejudice those
obligations, including without limitation: 

  

	 	(i)	any time or indulgence granted to, or composition with, the Purchaser or any other person; 

  

	 	(ii)	the taking, variation, renewal or release of, or neglect to perfect or enforce this Agreement, or any right, guarantee, remedy or security from or against the Purchaser or any other person; or 

 

	 	(iii)	any variation or change to the terms of this Agreement. 

  

	 	(c)	Until the Purchase Consideration has been paid in full, the Purchaser Guarantor will neither take nor hold any security from the Purchaser in respect of this Agreement and any such security which is held in breach of
this provision will be held by the Purchaser Guarantor in trust for the Sellers. 

  

	 	(d)	The provisions of this Clause 16.12 may, with the prior written consent of the Sellers, and, subject to Clause 16.12(e), be enforced by the Sellers against the Purchaser Guarantor. 

 

	 	(e)	The Sellers shall have no greater rights against the Purchaser Guarantor than it has against the Purchaser under this Agreement. 

  

	 	(f)	The provisions of this Clause 16.12 may be varied or terminated by agreement between the Parties (and the Sellers may also release or compromise in whole or in part any liability in respect of rights or claims
contemplated by this Clause without the consent of the Purchaser). 

  

	 	(g)	The Purchaser Guarantor warrants to the Sellers that: 

  

	 	(i)	it is validly existing and is a company duly incorporated under the law of its jurisdiction of incorporation; 

  

	 	(ii)	it has the legal right and full power and authority to enter into and perform its obligations under this Agreement; 

  
 49 

	 	(iii)	its execution of, and the compliance with, the terms of this Agreement does not and will not conflict with or constitute a default under any provision of: 

 

	 	(A)	any agreement or instrument to which it is a party; or 

  

	 	(B)	its constitutional and corporate documents; or 

  

	 	(C)	any order, judgment, decree or regulation or any other restriction of any kind by which the Purchaser Guarantor is bound; 

  

	 	(iv)	this Agreement will, when executed, constitute a legal, valid and binding obligation on the Purchaser Guarantor, in accordance with its respective terms, subject only to creditors’ rights; 

 

	 	(v)	it has duly executed this Agreement and has taken all corporate action required by it to authorise it to enter into and to perform this Agreement; and 

 

	 	(vi)	it has, and will continue to have for the duration of this Agreement, sufficient assets and resources for the performance of its obligations under this Agreement and in particular for the payment of the Purchase
Consideration when it is due and payable pursuant to the terms of this Agreement. 

  

	 	(h)	The Purchaser and the Purchaser Guarantor shall ensure that American Tower Corporation shall back the guarantee obligations of the Purchaser Guarantor under this Clause 16.12 and issue the ATC Guarantee to the Sellers
as of the Execution Date. 

 [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 50 

 IN WITNESS WHEREOF, the Parties have entered into this Agreement on the day and year first above written.

  

			
	ATC ASIA PACIFIC PTE. LTD.
	
	 /s/ EDMUND DISANTO

	Authorised Signatory
	Name:	 	 Edmund DiSanto

			
	Designation:	 	 Director

 

			
	AMERICAN TOWER INTERNATIONAL, INC.
	
	 /s/ EDMUND DISANTO

	Authorised Signatory
	Name:	 	 Edmund DiSanto

			
	Designation:	 	 EVP

 
 

  
 (This page intentionally
left blank. Signature pages follow) 

  
 51 

			
	TATA TELESERVICES LIMITED
	
	 /s/ SRINATH NARASIMHAN

	Authorised Signatory
	Name:	 	 Srinath Narasimhan

			
	Designation:	 	 Managing Director

 (This page intentionally left blank. Signature pages follow) 

  
 52 

			
	SREI INFRASTRUCTURE FINANCE LIMITED
	
	 /s/ SANJEEN SANCHETI

	Authorised Signatory
	Name:	  	 Sanjeen Sancheti

			
	Designation:	  	 Chief Strategy Officer

	
	MR. SUNIL KANORIA
	
	 /s/ SANJEEN SANCHETI

	Authorised Signatory

			
	Name:	  	 Sanjeen Sancheti

	
	RESURGENT INFRATEL PRIVATE LIMITED
	
	 /s/ SANJEEN SANCHETI

	Authorised Signatory
	Name:	  	 Sanjeen Sancheti

	
	OPTIMUM INFRATEL PRIVATE LIMITED
	
	 /s/ SANJEEN SANCHETI

	Authorised Signatory
	Name:	  	 Sanjeen Sancheti

 

			
	QUIPPO TELECOM INFRASTRUCTURE PRIVATE LIMITED
	
	 /s/ SANJEEN SANCHETI

	Authorised Signatory
	Name:	  	 Sanjeen Sancheti

	
	CONFIDENT SOLAR PRIVATE LIMITED
	
	 /s/ SANJEEN SANCHETI

	Authorised Signatory
	Name:	  	 Sanjeen Sancheti

	
	RIGHT TOWERS PRIVATE LIMITED
	
	 /s/ SANJEEN SANCHETI

	Authorised Signatory
	Name:	  	 Sanjeen Sancheti

	
	MR. AJAY KUMAR AGARWAL
	(TRUSTEE-AKSYAKALA TRUST)
	
	 /s/ SANJEEN SANCHETI

	Authorised Signatory
	Name:	  	 Sanjeen Sancheti

 
 

  
 53 

 

			
	FUNDERBURK MAURITIUS LIMITED.
	
	 /S/ GERARD AMAL WAHAB

	 Authorised Signatory

	Name:	 	 Gerard Amal Wahab

			
	Designation:	 	 Director

 

			
	     	 	
	     	 	
	 /s/ NIGEL GOVETT

	Authorised Signatory
	Name:	 	 Nigel Govett

			
	Designation:	 	 Director

 
 

  
 (This page intentionally
left blank. Signature pages follow) 

  
 54 

			
	INDIVEST PTE LTD
	
	 /s/ SURESH BALASUBRAMANIAN

	Authorised Signatory
	Name:	 	 Suresh Balasubramanian

			
	Designation:	 	 Director

 (This page intentionally left blank. Signature pages follow) 

  
 55 

			
	IDFC PRIVATE EQUITY FUND II
	
	 /s/ SATISH MANDHANA

	Authorised Signatory
	Name:	 	 Satish Mandhana

			
	Designation:	 	 Managing Partner and CIO

 (This page intentionally left blank. Signature pages follow) 

  
 56 

			
	THE INFRASTRUCTURE FUND OF INDIA, LLC
	
	 /s/ KAPILDEO JOORY

	Authorised Signatory
	Name:	 	 Kapildeo Joory

			
	Designation:	 	 Director

 (This page intentionally left blank. Signature pages follow) 

  
 57 

			
	AMP CAPITAL ASIAN GIANTS INFRASTRUCTURE FUND
	
	 /s/ KAPILDEO JOORY

	Authorised Signatory
	Name:	 	 Kapildeo Joory

			
	Designation:	 	 Director

 (This page intentionally left blank. Signature pages follow) 

  
 58 

			
	EVEREST CAPITAL (M) LTD.
	
	 /s/ W. GAGE MCAFEE

	Authorised Signatory
	Name:	 	 W. Gage McAfee

			
	Designation:	 	 Director

 (This page intentionally left blank. Signature pages follow) 

  
 59 

			
	INDIA INFRASTRUCTURE FUND
	
	 /s/ MAYANR BANSAL

	Authorised Signatory
	Name:	 	 Mayanr Bansal

			
	Designation:	 	 Director - Infrastructure

 (This page intentionally left blank. Signature pages follow) 

  
 60 

			
	 VIOM NETWORKS LIMITED

	
	 /S/ SYED SAFANI

	Authorised Signatory
	Name:	 	 Syed Safani

			
	Designation:	 	 CEO

 

			
	 /S/ SHIRISHI MANIAR

	Authorised Signatory
	Name:	 	 Shirishi Maniar

			
	Designation:	 	 CFO

  
 61Form 8-K

 Exhibit 10.53 

DATED OCTOBER 21, 2015 

SHAREHOLDERS AGREEMENT 

BY AND AMONGST 
 VIOM
NETWORKS LIMITED 
 AND 

TATA SONS LIMITED 
 AND

 TATA TELESERVICES LIMITED 

AND 
 IDFC PRIVATE
EQUITY FUND III 
 AND 

MACQUARIE SBI INFRASTRUCTURE INVESTMENTS PTE LIMITED 

AND 
 SBI MACQUARIE
INFRASTRUCTURE TRUST 
 AND 

ATC ASIA PACIFIC PTE. LTD. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	2	  
			
	 2.
	 	EFFECTIVE DATE	  	 	20	  
			
	 3.
	 	REPRESENTATIONS AND WARRANTIES AND COVENANTS	  	 	20	  
			
	 4.
	 	MANAGEMENT OF THE COMPANY	  	 	22	  
			
	 5.
	 	SHAREHOLDERS MEETINGS	  	 	30	  
			
	 6.
	 	AFFIRMATIVE VOTE MATTERS	  	 	31	  
			
	 7.
	 	DEADLOCK	  	 	32	  
			
	 8.
	 	IIF PREFERENCE SHARES	  	 	33	  
			
	 9.
	 	INFORMATION, ACCOUNTING RECORDS AND AUDIT	  	 	34	  
			
	 10.
	 	PRE-EMPTIVE RIGHTS OF SHAREHOLDERS	  	 	37	  
			
	 11.
	 	TRANSFERS OF SHARES	  	 	39	  
			
	 12.
	 	PUT OPTION	  	 	54	  
			
	 13.
	 	MACQUARIE PUT/CALL OPTION & IDFC EXIT	  	 	56	  
			
	 14.
	 	CALL OPTION	  	 	57	  
			
	 15.
	 	EXIT OPTION - QUALIFIED IPO	  	 	58	  
			
	 16.
	 	FINANCING	  	 	61	  
			
	 17.
	 	NON-COMPETE AND NON-SOLICITATION	  	 	62	  
			
	 18.
	 	TERMINATION	  	 	64	  
			
	 19.
	 	COSTS AND EXPENSES	  	 	64	  
			
	 20.
	 	CONFIDENTIALITY	  	 	64	  
			
	 21.
	 	CHARTER DOCUMENTS	  	 	65	  
			
	 22.
	 	MISCELLANEOUS	  	 	65	  
			
	 23.
	 	GOVERNING LAW AND ARBITRATION	  	 	71	  
			
	 24.
	 	DISPUTE RESOLUTION	  	 	72	  
			
	 25.
	 	SUBSIDIARIES OF THE COMPANY	  	 	73	  
			
	 26.
	 	TATA BRAND	  	 	73	  
			
	 27.
	 	NO CONFLICT OBLIGATIONS OF MIRA	  	 	73	  
		
	 SCHEDULE 1 THE COMPANY
	  	 	1-1	  
		
	 SCHEDULE 1A SHAREHOLDING PATTERN OF THE COMPANY PRIOR TO THE EFFECTIVE DATE
	  	 	1-3	  
		
	 SCHEDULE 1B SHAREHOLDING PATTERN OF THE COMPANY AFTER TO THE EFFECTIVE DATE
	  	 	1-5	  

  
 -i- 

							
		
	SCHEDULE 2 AFFIRMATIVE VOTE MATTERS	  	 	2-1	  
		
	SCHEDULE 3 FORM OF DEED OF ADHERENCE	  	 	3-1	  
		
	SCHEDULE 4 INDIAN AUDIT FIRMS	  	 	4-1	  
		
	SCHEDULE 5 IMPORTANT MANAGERIAL POSITIONS	  	 	5-1	  
		
	SCHEDULE 6 DETERMINATION OF FAIR MARKET VALUE	  	 	7-1	  

  
 -ii- 

 THIS SHAREHOLDERS AGREEMENT (this “Agreement”) is executed at New Delhi on this 21st day of October, 2015 (the “Execution Date”), 
 BY AND AMONGST: 

 

	1.	VIOM NETWORKS LIMITED, a company incorporated under the laws of India having its registered office at D-2, 5th Floor, Southern Park, Saket Place, Saket, New Delhi 110017, India (hereinafter referred to as the
“Company”, which expression shall, unless the context otherwise requires, mean and include its successors and permitted assigns) of the FIRST PART; 

 

	2.	TATA SONS LIMITED, a company incorporated under the (Indian) Companies Act, 1913 and having its registered office at Bombay House, 24, Homi Mody Street, Mumbai 400 001, India (hereinafter referred to as
“TSL”, which expression shall, unless the context otherwise requires, mean and include its successors and permitted assigns) of the SECOND PART; 

 

	3.	TATA TELESERVICES LIMITED, a company incorporated under the (Indian) Companies Act, 1956 and having its registered office at Jeevan Bharati Tower I, 10th Floor, 124, Connaught Circus, New Delhi 110001, India
(hereinafter referred to as “TTSL”, which expression shall, unless the context otherwise requires, mean and include its successors and permitted assigns) of the THIRD PART; 

 

	4.	IDFC PRIVATE EQUITY FUND III, a unit scheme of the IDFC Infrastructure Fund 3 (being a trust created under the Indian Trusts Act, 1881 and registered as a venture capital fund with the Securities Exchange Board
of India under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996) and whose office is at 201, Naman Chambers, C-32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, India, of which IDFC Trustee Company
Limited, whose registered office is at 201, Naman Chambers, C-32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, India, is a trustee and represented by IDFC Alternatives Limited, a company incorporated in India and whose registered
office is at 101, Naman Chambers, C-31, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, India, acting in its capacity as the investment Manager of IDFC Private Equity Fund III, (hereinafter referred to as the “IDFCPE
III”, which expression shall, unless the context otherwise requires, mean and include its successors and permitted assigns) of the FOURTH PART; 

  

	5.	MACQUARIE SBI INFRASTRUCTURE INVESTMENTS PTE LIMITED, a company incorporated under the laws of Singapore and whose registered office is at 10 Marina Boulevard, #17-01 Tower 2, Marina Bay Financial Centre
Singapore 018983 (hereinafter referred to as “MSIIPL” which expression shall, unless the context otherwise requires, mean and include its successors and permitted assigns) of the FIFTH PART; 

 

	6.	 SBI MACQUARIE INFRASTRUCTURE TRUSTEE PRIVATE LIMITED as the trustees of SBI MACQUARIE INFRASTRUCTURE TRUST, a trust within the meaning
of the Indian Trusts Act, 1882, having its address at 92, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (E), Mumbai—400051, India, (hereinafter 

  
 -1- 

	 	
referred to as “SMIT” which expression shall, unless the context otherwise requires, mean and include its permitted assigns) of the SIXTH PART; and 

 

	7.	ATC ASIA PACIFIC PTE. LTD., a company incorporated under the laws of Singapore whose registered office is at One Raffles Quay, North Tower, Level 25, Singapore 048583 (hereinafter referred to as the
“Investor” which expression shall, unless the context otherwise requires, mean and include its successors and permitted assigns) of the SEVENTH PART. 

The Company, IDFCPE III, TTSL, TSL, MSIIPL, SMIT and the Investor shall hereinafter collectively be referred to as “Parties”
and individually referred to as a “Party”. 
 WHEREAS: 
  

	(A)	The Company is a public limited company and is presently engaged in the business of providing passive infrastructure (pursuant to IP-1 Registration) and facilities related to telecommunication. Incorporation details of
the Company have been provided as Schedule 1; 

  

	(B)	The Investor has agreed to become a Shareholder (defined below) pursuant to the purchase of Sale Shares (defined below) from TTSL, IDFCPE II, SREI Infrastructure Finance Limited, Confident Solar Private
Limited, Optimum Infratel Private Limited, Right Towers Private Limited, Resurgent Infratel Private Limited, Aksayakala Trust, Quippo Telecom Infrastructure Private Limited, Mr. Sunil Kanoria, Indivest Pte Limited, India Infrastructure Fund,
Funderburk Mauritius Limited, Everest Capital (M) Limited, AMP Capital Asian Giants Infrastructure Funds and Infrastructure Fund of India LLC, in accordance with the share purchase agreement dated on or around the date hereof, 2015,
(“Share Purchase Agreement”). As of the Execution Date, the issued, subscribed and outstanding equity share capital of the Company is held in the proportion mentioned in Schedule 1A; and 

 

	(C)	The Parties have agreed to execute this Agreement to record the terms and conditions on which the Parties will participate in the affairs of the Company, the terms which would govern their relationship in respect of the
management and governance of the Company, and their mutual rights and obligations as Shareholders. The rights, duties, obligations and liabilities of the Parties shall be as set out in this Agreement and as provided in the Charter Documents
(defined below). 

 NOW THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and
valuable consideration the receipt and adequacy of which is acknowledged, it is hereby agreed by and between the Parties and this Agreement witnesseth as under: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement, in addition to the terms defined in the introduction to,
recitals of and 

  
 -2- 

 
the text of this Agreement, whenever used in this Agreement, unless repugnant to the meaning or context thereof, the following capitalized words and terms shall have the meanings set forth below:

 “Accounting Principles” shall mean generally accepted accounting principles in India as set forth in pronouncements of
the Institute of Chartered Accountants of India and in the Companies Act and as in effect from time to time, as modified and as agreed hereunder and as consistently applied by the Company; 

“Accounts” shall mean the accounts of the Company, prepared in accordance with the Accounting Principles, including the
relevant balance sheets and profit and loss accounts together with all documents which are or would be required by applicable Law to be annexed to the accounts of the Company, to be laid before the Company in the General Meeting for the relevant
Financial Year; 
 “Adjourned General Meeting” shall have the meaning given to the term in Clause 5.4; 

“Adjourned Meeting” shall have the meaning given to the term in Clause 4.5.1; 

“Affiliate” with respect to any Person, shall mean any other Person that is directly or indirectly, or through one or more
intermediate Persons, Controlling, Controlled by, or under the common Control of such Person from time to time, it being clarified that for the purposes of this Agreement, TTML and TOF shall be deemed to be an Affiliate of TTSL and TSL; 

“Affirmative Vote Matter” shall mean each of the matters listed in Schedule 2 herein; 

“Agreement” shall have the meaning given to it in the Preamble; 

“Allowed Transaction” shall mean any purchase or other acquisition of towers not exceeding: (A) four thousand
(4,000) towers in the Financial Year 2017; and (B) a number equal to ten percent (10%) of the aggregate number of towers then operated or managed by the Company in respect of any subsequent Financial Years; provided,
however, that such annual limitation shall: (a) not apply to any transaction (i) pending at Completion, (ii) undertaken by any direct or indirect subsidiary of American Tower Corporation in India other than the Company subject
to the terms of the Implementation Agreement; and (b) be cumulative, with any amount remaining at the end of a Financial Year (including the Financial Year ending March 31, 2017) rolling into the subsequent Financial Years; 

“American Tower Corporation” shall mean American Tower Corporation, a company incorporated under the laws of the United States
of America and having its registered office at 116 Huntington Avenue, Boston, Massachusetts, U.S.A.; 
 “American Tower International
Inc.” or “ATII” shall mean American Tower International Inc., a company incorporated in the State of Delaware, United States of America, whose registered office is at 1209 Orange Street, Wilmington, County of New Castle;

  
 -3- 

 “Annual Business Plan” means the business plan prepared by the Company, and
reviewed and approved by the Board, with respect to every Financial Year in relation to the Company, containing in each case: (a) full particulars of the operating performance budget, (b) the key performance indicators applicable to a
company engaged in a business similar to the Business, including, inter-alia, details in relation to borrowing, capex and total indebtedness of the Company for the concerned Financial Year, and (c) information regarding market conditions
and strategic considerations as the Board may deem fit; 
 “Anti-Bribery Laws” means the US Foreign Corrupt Practices Act,
15 U.S.C. §78-dd-1, et seq., and the anti-corruption laws of India, as existing at the time of execution of this Agreement or otherwise existing at the time a relevant action was taken; 

“Articles of Association” means the articles of association of the Company, as subsequently amended from time to time; 

“ATC India Entities” means the Investor’s and its Affiliates’ subsidiaries (existing as well as those acquired or
incorporated prior to Completion) in the Territory engaged in telecom infrastructure business operations; 
 “Audit
Committee” shall have the meaning given to the term in Clause 4.7.1; 
 “Audited Financial Statements” shall mean
the standalone and consolidated audited financial statements of the Company for the period for which such financial statements pertain (including the balance sheet, profit and loss account, the notes to the financial statements, the director’s
report, the auditor’s report and all disclosures as prescribed in Schedule III of the Companies Act of India), along with all related audited statements of income, sources and uses of cash, Share Capital and reserves for such period; 

“Banking Regulation Act” shall mean the Indian Banking Regulation Act, 1949, as amended from time to time and as supplemented
by the rules and regulations issued thereunder; 
 “Big Four” means any of KPMG, PriceWaterhouse Coopers,
Deloitte & Touche and Ernst & Young, acting through or represented by their respective audit teams or affiliate audit firms permitted to practice in the Territory under the regulations of the Institute of Chartered Accountants of
India; 
 “Board” means the board of directors of the Company; 

“Board Meeting Quorum” shall have the meaning given to the term in Clause 4.5.1; 

“Business” means the telecommunications infrastructure business of the Company in relation to erecting, maintaining and
providing space on telecom towers, whether ground based towers, rooftop towers, poles or other types of towers and the telecommunications facilities, including DAS in the Territory situated at various tower sites (forming part of the property), to
users for installation of communications equipment; 

  
 -4- 

 “Business Day” means a day (other than a Saturday or Sunday) on which banks are
generally open in Mumbai, Delhi, Singapore and Boston for normal business transactions; 
 “Call Option” shall have the
meaning given to the term in Clause 14.1; 
 “Call Option Completion Date” shall have the meaning given to the term in
Clause 14.2; 
 “Call Option Consideration” shall mean, with respect to each Party, the number of Call Option Shares being
sold by it multiplied by the Call Option Price; 
 “Call Option Exercise Notice” shall have the meaning given to the term in
Clause 14.1; 
 “Call Option Price” shall mean the price per Equity Share that is the higher of: 

 

	 	(a)	the applicable Per Share Fair Market Value; 

  

	 	(b)	the per share price paid by the Investor to the selling shareholders under the Share Purchase Agreement, being Rs. 216 (Rupees two hundred and sixteen) per Share as adjusted for stock splits, bonus issues, consolidation
or other similar capital restructuring which occurs after Completion; and 

  

	 	(c)	the minimum price prescribed under the applicable Law, if any; 

 provided that in the event that
a Call Option is exercised with respect to a Third Party transferee that acquires Shares from TTSL, TSL or IDFCPE III (as applicable), the Call Option Price shall mean the price per Equity Share that is the applicable Per Share Fair Market Value;

 “Call Option Seller” shall have the meaning given to the term in Clause 14.2; 

“Call Option Shares” shall have the meaning given to the term in Clause 14.2; 

“Charter Documents” means collectively the memorandum of association and the Articles of Association of the Company; 

“Clawback Subscription” means the subscription to Equity Shares at the applicable Per Share Fair Market Value by the Investor
to maintain its Shareholding greater than fifty percent (50%) in circumstances where its Shareholding is not in excess of fifty percent (50%) as a consequence of a breach of any warranties or covenants by any of the sellers under the Share
Purchase Agreement in relation to the Sale Shares; 
 “COC Call Option” shall have the meaning given to the term in Clause
11.10.4; 
 “COC Put Option” shall have the meaning given to the term in Clause 11.10.1; 

“Combination” shall mean the combination of the Company’s Business with the telecommunications infrastructure business
operations of the ATC India Entities, in the 

  
 -5- 

 
manner and on the terms agreed amongst the Investor, TTSL, TSL, IDFCPE III, MSIIPL and SMIT, and other transactions contemplated under the Implementation Agreement; 

“Combination MOU” shall mean the memorandum of understanding of even date, executed between American Tower International,
Inc., ATC Asia Pacific Pte. Ltd., Transcend Infrastructure Holdings Pte. Ltd., ATC Asia Holding Company, LLC, American Tower Mauritius, , TTSL, TSL, MSIIPL, SMIT, and IDFCPE III, setting out, inter alia, the guiding principles for the
Combination and key terms and conditions to be included in the Implementation Agreement, including the principles for determination of the swap ratio for the proposed Combination and principles to ensure that there is no conflict of interest between
the Investor, on the one hand, and the Company, the TTSL, TSL, MSIIPL, SMIT and IDFCPE III, on the other; 
 “Companies Act”
shall mean the Indian Companies Act, 1956 and the Companies Act, 2013, as applicable, and, as amended from time to time and as supplemented by the rules and regulations issued thereunder; 

“Company” shall have the meaning given to the term in the Preamble; 

“Competitor” means any Person that is directly or indirectly (including through an Affiliate), engaged in the Territory in
(a) the telecommunications infrastructure business in relation to erecting, maintaining and providing space on telecom towers, whether ground based towers, rooftop towers, poles or other types of towers and the communications passive
infrastructure facilities situated at various tower sites (forming part of the property), to users for installation of telecommunications equipment in the Territory; or (b) a telecommunications business similar to the business of TTSL in the
Territory. Provided, however, that a “Competitor” shall not include (x) any Affiliate of the Investor subject to the terms of the Implementation Agreement, or (y) TSL and or its Affiliates; 

Provided that, notwithstanding the aforesaid, “Competitor” shall not include any Person who is a “Financial
Investor” and the term “Financial Investor” for the purpose of this definition shall mean the following Persons: 
  

	 	(a)	any banking company within the meaning of the Banking Regulation Act; 

  

	 	(b)	any foreign bank; 

  

	 	(c)	any financial institutions including any investment banks, non-banking financial companies, core investment companies, stock brokers, merchant bankers, insurance companies, and other financial intermediaries which are
regulated by a financial services regulator in the relevant jurisdiction; 

  

	 	(d)	foreign portfolio investors or alternative investment funds registered under relevant SEBI Regulations or any other category of financial investor registered with SEBI or any other regulator in any jurisdiction;

  

	 	(e)	 investment funds (whether as trusts, body corporate or limited liability 

  
 -6- 

	 	
partnerships or otherwise) set up with the primary objective of making financial investments or to invest capital and fund managers (including mutual funds, venture capital funds, hedge funds,
bond funds, balanced funds, private equity funds, foreign venture capital investors, buy-out funds, pension funds or corporate funds or any other funds); 

  

	 	(f)	special purpose vehicles or investment companies Controlled directly or indirectly, by such entities referred to in (a) to (e) above; 

It is hereby agreed that any investment company (including any core investment company) established either as a holding company (as a direct
parent of such investment company or through a layer of special purpose vehicles) or as a direct or indirect subsidiary company of such Competitor for the purposes of acquiring the Securities shall be deemed to be a Competitor; 

“Completion” shall mean the completion of the transfer of Sale Shares to the Investor in accordance with the Share Purchase
Agreement; 
 “Completion Date” shall mean the date on which the Completion occurs; 

“Confidential Information” shall have the meaning given to the term in Clause 20.1; 

“Consent” of a Shareholder shall mean (a) in relation to any action or decision of the Shareholders, the affirmative vote
of such Shareholder or its representative; (b) in relation to any action or decision of the Board or its committees, the affirmative vote of the Director nominated by such Shareholder, whether at a meeting of the Board, its committees or
Shareholders, or by prior written notice; 
 “Consolidated Arbitration” shall have the meaning given to it in Clause 24.7;

 “Continuing Shareholders” shall mean TTSL, TSL, MSIIPL, SMIT and IDFCPE III; 

“Controlling”, “Controlled by” or “Control” with respect to any Person, shall mean
(a) ownership or control (whether directly or indirectly) of more than fifty (50%) of the total equity share capital or voting capital or the like of the controlled entity, whether by shareholding or contract or otherwise; or
(b) control of, or the power to control (whether by vote or composition) the board of directors or equivalent or analogous body of the controlled entity, and the terms “controlling” and “controlled” shall be correspondingly
construed; 
 “CSR Committee” shall have the meaning given to the term in Clause 4.7.1; 

“Dark Fiber” shall mean any optical fiber cable installed in a point to point or point to multipoint or in mesh topology but
without any termination on active electronics or active equipment and does not carry any signals or traffic; 
 “DAS” means,
whether implemented indoors or outdoors, a “distributed antenna system,” i.e., a type of IBS implemented through distributed passive antennae elements connected 

  
 -7- 

 
to a central location that contains the main radio units and ancillary equipment that generate wireless signals through RF cables throughout the building to enhance the wireless
coverage/capacity & quality of licensed spectrum or unlicensed spectrum; 
 “Deadlock Appointee” shall have the
meaning given to the term in Clause 7.1; 
 “Deadlock Matter” shall have the meaning given to the term in Clause 7.1; 

“Deed of Adherence” means a deed in the form set out in Schedule 3; 

“Default Annual Business Plan” shall mean the Annual Business Plan deemed to be approved in accordance with Clauses 4.9.1 and
4.9.2; 
 “Default Tag Right” shall have the meaning given to the term in Clause 15.2.2; 

“Definitive Agreements” shall collectively mean the Share Purchase Agreement, this Agreement, the Implementation Agreement and
the Shareholders Agreement Put Obligation Performance Guarantee; 
 “Director” means a director of the Company; 

“Docomo” shall mean NTT DoCoMo, Inc., a company incorporated under the laws of Japan, having its registered office at 11-1
Nagata-cho, Chiyoda-ku, Tokyo 100-6150 Japan; 
 “Drag Along Notice” shall have the meaning given to the term in
Clause11.8.1; 
 “Drag Along Right” shall have the meaning given to the term in Clause 11.8.3; 

“Drag Along Sale” shall have the meaning given to the term in Clause 11.8.1; 

“Drag Along Shareholders” shall have the meaning given to the term in Clause 11.8.3; 

“Drag Notice” shall have the meaning given to the term in Clause 15.2.1(a); 

“Drag Price” shall have the meaning given to the term in Clause 15.2.1(a); 

“EBITDA” means the profit after tax of the Company plus interest, tax, depreciation and amortization, in each case as
determined and audited in accordance with the Accounting Principles; 
 “Effective Date” shall have the meaning given to the
term in Clause 2.1; 
 “Encumbrance” means any mortgage, charge (fixed or floating), pledge, lien, option, hypothecation,
deed of trust, power of sale in favour of a Third Party, right to acquire, right of pre-emption, right of first refusal, assignment by way of security or trust arrangement for the purpose of providing security, any security interest or other third
party right of any kind (including any retention arrangement, escrow arrangement), any right, interest or claim of a Third Party, including any Governmental Authority, or any 

  
 -8- 

 
agreement, arrangement or obligation to create any of the foregoing, and “Encumber” shall be construed accordingly; 

“Equity Shares” means the issued and outstanding equity shares of the Company having a face value of Indian Rupees Ten only
(INR 10) each in the Share Capital or any securities convertible into or exercisable for Shares or other equity interests of the Company; 

“Excluded Securities” shall mean any Equity Shares or other Securities issued in connection with: (a) a grant to any
existing or prospective consultants, employees, officers or directors pursuant to any stock option, employee stock purchase or similar equity-based plans or other compensation agreement; (b) the exercise or conversion of options to purchase
Equity Shares or other Securities issued to any existing or prospective consultants, employees, officers or directors pursuant to any stock option, employee stock purchase or similar equity-based plans or any other compensation agreement;
(c) any acquisition by the Company of the stock, assets, properties or business of any Person, subject to compliance with Clause 6 hereof; or (d) a stock split, stock dividend or any similar recapitalization; (e) the Combination;
(f) a Clawback Subscription; or (g) a Restructuring; 
 “Execution Date” shall have the meaning assigned to it in
the Preamble; 
 “Exempted Transaction” shall mean any of the following: 

 

	 	(a)	conversion of the Company into a private limited company; 

  

	 	(b)	change in the registered office of the Company (including to another State) or changing the name of the Company; 

  

	 	(c)	issuance of additional convertible securities by the Company for purposes of redemption of the IIF Preference Shares as provided under Clause 8 of this Agreement); 

 

	 	(d)	a Clawback Subscription; 

  

	 	(e)	any transactions contemplated by the Annual Business Plan or the Default Annual Business Plan; 

  

	 	(f)	any increase in share capital for meeting the funding requirements of the Company as contemplated in the then applicable Annual Business Plan or Default Annual Business Plan, an Allowed Transaction or any other
transactions specifically permitted under this Agreement, provided that any additional issuance of shares pursuant to this sub-clause (f) shall be made (I) in accordance with the provisions of Clause 10 of this Agreement and (II) only if
the Company has already availed of debt at least to the extent of the Permitted Debt Ratio; 

  

	 	(g)	Combination or any other transactions contemplated by the Implementation Agreement; 

  
 -9- 

	 	(h)	Restructuring; or 

  

	 	(i)	Allowed Transactions; 

 “Existing Inter-se Agreement” shall mean the inter-se
agreement, dated 29 July 2009, between certain Existing Shareholders with respect to the inter-se rights of such Shareholders; 

“Existing Shareholders” shall mean the Shareholders of the Company holding Shares in the Company prior to Completion; 

“Existing Shareholders Agreement” shall mean the Shareholders Agreement, dated August 18, 2009, executed, inter alia,
between and amongst certain Existing Shareholders and the Company; 
 “Extended Period” shall have the meaning given to
the term in Clause 10.3; 
 “Fair Market Value” shall mean the fair market value of the Shares as determined in accordance
with Schedule 6. 
 “Financial Year” means the financial year commencing on April 1st of a calendar year and ending on March 31st in the immediately succeeding calendar year, a period in respect of which the Company prepares
its audited Accounts; 
 “Financial Year 2017” means the Financial Year ending March 31, 2017; 

“First Adjourned Meeting” shall have the meaning given to the term in Clause 4.5.1; 

“First Call Period” shall mean a period of ninety (90) days commencing from the expiry of the Second Put Period; 

“First Put Period” shall mean a period of ninety (90) days commencing from April 1, 2018; 

“Fully Diluted Basis” shall mean, with reference to any amount or percentage of the share capital of the Company, such amount
or percentage calculated as if all of the securities convertible into or exercisable or exchangeable for, or which carry a right to subscribe to or purchase or which represent or bestow any beneficial ownership or interest in, the Equity Shares of
the Company, then issued and outstanding, had been exercised in full (whether or not such securities, stock options or other obligations are at such time exercisable or convertible). It is clarified that any non-convertible preference shares held
under the Investment Agreement shall not be considered for the purposes of determining the shareholding of the Company on a Fully Diluted Basis; 

“General Meeting” means a meeting of the Shareholders; 

“Government Entity” shall mean: (a) a national government, political subdivision thereof, or local jurisdiction therein;
(b) an instrumentality, board, commission, court, or 

  
 -10- 

 
agency, whether civilian or military, of any of the above, however constituted; or (c) a government-owned/government-controlled association, organization, business or enterprise; 

“Government Official” shall mean: (a) an employee, officer or representative of, or any person otherwise acting in
an official capacity for or on behalf of a Government Entity; (b) a legislative, administrative, or judicial official, regardless of whether elected or appointed; (c) an individual who holds any other official, ceremonial, or other
appointed or inherited position with a government or any of its agencies; or (d) an officer or employee of a supra-national organization (e.g., World Bank, United Nations, International Monetary Fund, OECD); 

“Governmental Authority” means any governmental, administrative, regulatory or statutory authority, government department,
tribunal, branch, agency or any non-governmental regulatory or administrative authority or court or other entity authorized to make laws, rules or regulations or pass directions having, or purporting to have, jurisdiction, or any State or other
subdivision thereof, or any municipality, district or other subdivision thereof, having jurisdiction pursuant to applicable laws, including but not limited to, the Government of the Territory, recognised stock exchanges, the SEBI and the Foreign
Investment Promotion Board; 
 “IBS (In building Solutions)” means the In-building implementation of radio network through
combination of distributed and spatially separated antennae systems or small cells connected through RF cables, CAT5 / CAT6 cables, copper cables or optical fiber cables or any of the cabling systems to enhance the wireless
coverage/capacity & quality of licensed spectrum or unlicensed spectrum; 
 “IDFCPE II” shall mean IDFC
Private Equity Fund II, a unit scheme of the IDFC Infrastructure Fund 2 (being a trust created under the Indian Trusts Act, 1881 and registered as a venture capital fund with the Securities Exchange Board of India under the Securities and Exchange
Board of India (Venture Capital Funds) Regulations, 1996) and whose office is at 201, Naman Chambers, C-32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, India of which IDFC Trustee Company Limited, whose registered office is at 201,
Naman Chambers, C-32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, India, is a trustee;  
 “IDFCPE
III” shall have the meaning given to the term in the Preamble; 
 “IIF Preference Shares” shall mean any
convertible preference shares held under the Investment Agreement dated March 23, 2010, amongst India Infrastructure Fund, TTSL, Quippo Telecom Infrastructure Limited and the Company (as amended); 

“Implementation Agreement” shall mean the implementation agreement to be executed by and amongst American Tower
International, Inc., ATC Asia Pacific Pte. Ltd., Transcend Infrastructure Holdings Pte. Ltd., Transcend Infrastructure Private Limited, ATC India Infrastructure Private Limited, ATC Telecom Tower Corporation Private Limited, ATC Asia Holding
Company, LLC, American Tower Mauritius, ATC India  

  
 -11- 

 
Tower Corporation Private Limited, ATC Tower Company of India Private Limited, McCoy Developers Private Limited, TTSL, TSL, MSIIPL, SMIT and IDFCPE III which agreement shall incorporate the
principles and guidelines set out in the Combination MOU and set out in detail the manner, terms and conditions (including the swap ratio) on which the Combination shall be undertaken and given effect; 

“Indebtedness” shall mean, as to any Person, (a) all obligations of such Person for borrowed money (including
reimbursement and all other obligations with respect to surety bonds, letters of credit and bankers’ acceptances, whether or not matured), (b) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments,
(c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable and accrued/due commercial or trade liabilities arising in the ordinary course of business and any other current
liabilities, (d) all interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be made by such Person, whether periodically or upon the happening of a contingency,
(e) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (f) all obligations of such Person under capital leases as reflected in the Audited
Financial Statements, but subject in any event to the Accounting Principles, (g) all indebtedness secured by any lien on any property or asset owned or held by such Person regardless of whether the indebtedness secured thereby shall have been
assumed by such Person or is non-recourse to the credit of such Person, and (h) all guarantees by such Person of the Indebtedness of any other Person; provided, however, that the term Indebtedness shall not include any obligation
under Land Leases; 
 “Independent Director” shall have the meaning given to it under Section 149(6) of
the Companies Act, 2013; 
 “Independent Valuer” means an internationally recognized investment bank from
amongst Evercore, Lazard, Rothschild, Credit Suisse, Citibank, Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch, Barclays or Deutsche Bank, and will include their respective Affiliates; 

“Indian Audit Firms” shall mean any of the firms set out in Schedule 4; 

“Intimation” shall have the meaning given to the term in Clause 10.2.1(b); 

“Investment Agreement” shall mean the Investment Agreement dated March 23, 2010, amongst India Infrastructure
Fund, TTSL, Quippo Telecom Infrastructure Limited and the Company (as amended); 
 “Investor” shall have the
meaning given to the term in the Preamble subject to Clause 2.3; 
 “Investor Option Price” shall have
the meaning given to the term in Clause 11.5.1; 
 “Investor ROFO Offer Notice” shall have the meaning given
to the term in Clause 11.5.1; 

  
 -12- 

 “Investor ROFO Period” shall have the meaning given to the term in Clause
11.5.1; 
 “Issuance Notice” shall have the meaning given to the term in Clause 10.1.3; 

“Issuance Period” shall have the meaning given to the term in Clause 10.3; 

“Issuance Price” shall have the meaning given to the term in Clause 10.1.3; 

“Issuance Shares” shall have the meaning given to the term in Clause 10.1.3; 

“Law” shall include all statutes, enactments, acts of legislature or parliament, laws, ordinances, rules, bye-laws,
regulations, notifications, guidelines, policies, directions, directives and orders of any Governmental Authority, statutory authority, tribunal, board, court or Recognized Stock Exchange; 

“Level I Governance Participation” means Shareholding from nine percent (9%) up to, but less than, twenty-six percent
(26%) of the Share Capital; provided, however, that, in the case of MSIIPL and SMIT, jointly, the provisions of Clause 6.1 shall cease to apply to MSIIPL and SMIT only if either takes direct action through a completed sale of
their Shareholding to another Shareholder or to a Third Party that directly results in dilution below a nine percent (9%) Shareholding of the Share Capital; 

“Level II Governance Participation” means Shareholding from twenty-six percent (26%) up to, but less than, fifty percent
(50%) of the Share Capital; 
 “Macquarie Put Period” shall mean a period commencing on April 1, 2020 and ending
on March 31, 2021; 
 “Managing Director” shall have the meaning given to the term in Clause 4.8.1; 

“Material ATC Breach” shall mean a breach by the Investor of the following obligations under the
Agreement: (i) Clauses 11.1.1 and 11.1.3 (Lock-in); (ii) Clause 12 (Put Option); and (iii) Clause 17 (Non-Compete and Non Solicitation); 

“Minority Option Price” shall have the meaning given to the term in Clause 11.3.1; 

“Minority Purchasing Shareholder” shall have the meaning given to the term in Clause 11.3.1; 

“Minority ROFO Offer Notice” shall have the meaning given to the term in Clause 11.3.1; 

“Minority ROFO Period” shall have the meaning given to the term in Clause 11.3.1; 

“MIRA” shall mean Macquarie Infrastructure and Real Assets, an operating division of Macquarie Group Limited and any funds or
investment vehicles managed or Controlled by the fund manager and /or the general partners of Macquarie Infrastructure and Real Assets including, MSIIPL and SMIT, but in any event, shall not include any portfolio or

  
 -13- 

 
investee company in which any of the aforesaid entities may have invested but are not Controlled by the aforesaid entities; 

“MSIIPL” shall have the meaning given to it in the Preamble; 

“Negotiation Notice” shall have the meaning given to the term in Clause 15.2.2; 

“Nominating Party” shall have the meaning given to the term in Clause 4.2.3; 

“Nomination Committee” shall have the meaning given to the term in Clause 4.7.1; 

“Operator” shall mean each carrier or operator with whom the Company has entered into a master sharing agreement, service
order and/or binding letter of intent or term sheet; 
 “Option” shall mean the Put Option (including a CoC Put Option) or
the Call Option, as the case may be; 
 “Option Seller” shall mean a Put Option Seller or a Call Option Seller, as the case
may be; 
 “Original Meeting” shall have the meaning given to the term in Clause 4.5.1; 

“Other Shareholder Agreements” shall mean the Existing Shareholders Agreement, the Existing Inter-Se Agreement and any and all
other similar agreements among the Shareholders (other than this Agreement and the Implementation Agreement); 

“Party(ies)” shall have the meaning given to the term in the Preamble; 

“Pending Arbitration” shall have the meaning set forth in Clause 24.7; 

“Per Share Fair Market Value” shall mean, with respect to any applicable Shares, the Fair Market Value of such Shares
on a per Share basis; 
 “Permitted Debt Ratio” means net debt to EBITDA ratio of 3.5:1 calculated on a
consolidated basis, provided that prior to the completion of the Combination, for purposes of this Agreement, the Permitted Debt Ratio shall be calculated on a pro forma consolidated basis for the Company and the ATC India Entities; 

“Person” means any natural person, limited or unlimited liability company, body corporate, corporation, partnership
(whether limited or unlimited), proprietorship, trust, union, association, whether incorporated or not, government, regulatory authority, or any other relevant authority or any agency or political subdivision thereof (as may be contextually
applicable) or any other entity that may be treated as a person under applicable Law; 
 “Pre-emptive Right”
shall have the meaning given to the term in Clause 10.1.2; 
 “Pre-emptive Right Holder” shall have the
meaning given to the term in Clause 10.1.2; 

  
 -14- 

 “Pro-rata Shares” shall have the meaning given to the term in Clause
11.7.3; 
 “Proposed Issuance” shall have the meaning given to the term in Clause 10.1.2; 

“Put Option” shall have the meaning given to the term in Clauses 12.1, 12.2 and 12.3; 

“Put Option Completion Date” shall have the meaning given to the term in Clause 12.4; 

“Put Option Consideration” shall mean, with respect to each Party, the number of Put Option Shares being sold by it
multiplied by the Put Option Price; 
 “Put Option Exercise Notice” shall have the meaning given to the term
in Clause 12.1; 
 “Put Option Price” shall mean the price per Equity Share that is the higher of: 

 

	 	(a)	the applicable Per Share Fair Market Value; 

  

	 	(b)	the per share price paid by the Investor to the selling shareholders under the Share Purchase Agreement, being Rs. 216 (Rupees two hundred and sixteen) per Share, as adjusted for stock splits, bonus issues,
consolidation or other similar capital restructuring which occurs after Completion; and 

  

	 	(c)	the minimum price prescribed under the applicable Law, if any; 

 provided that in the event that
a Put Option is exercised with respect to a Third Party transferee that acquires Shares from TTSL, TSL or IDFCPE III (as applicable), the Put Option Price shall mean the price per Equity Share that is applicable Per Share Fair Market Value; 

“Put Option Seller” shall have the meaning given to the term in Clause 12.4; 

“Put Option Shares” shall have the meaning given to the term in Clause 12.4; 

“Put Period” shall mean the First Put Period or the Second Put Period (as applicable);  

“Qualified IPO” means an initial public offering of Equity Shares, either by way of an offer for sale or fresh issuance
or a combination of both, which results in the listing and commencement of trading of the Equity Shares on a Recognised Stock Exchange, or any other direct or indirect listing of any of the Securities of the Company (including pursuant to any
investment trusts), at a valuation not less than a per Share price equivalent to the Put Option Price; 
 “Receiving
Party” has the meaning given to the term in Clause 20.1; 
 “Recognised Stock Exchange” means:

  

	 	(a)	Bombay Stock Exchange; or 

  

	 	(b)	National Stock Exchange of India; 

  
 -15- 

 “Rejection Notice” has the meaning given to the term in Clause 11.3.2;

 “Related Parties” shall have the meaning assigned to it in Section 2(76) of the Companies Act, 2013;

 “Related Party Transaction” shall mean all transactions with Related Parties, including but not limited to
investments in, or loans to, Related Parties; 
 “Restructuring” shall mean the Combination or any internal
reorganisations or amalgamations, as required, including but not limited to the issuance of Indebtedness or equity (including preferred stock) prior to and following the Combination; provided, however, that (i) such Restructuring
does not adversely affect the Shareholding or rights of any Shareholder; (ii) and such Restructuring does not result in American Tower Corporation losing direct or indirect Control of the Investor or American Tower International Inc.; and
(iii) such Restructuring does not result in a Competitor being a shareholder of the Investor or American Tower International Inc.; 

“ROFO Notice” shall have the meaning given to the term in Clause 11.3.1; 

“Sale Shares” shall mean the Shares agreed to be transferred from certain Shareholders of the Company to the Investor
in accordance with the Share Purchase Agreement; 
 “SEBI” shall mean the Securities Exchange Board of India
or its successor; 
 “SEBI Regulations” shall mean the SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2009 and any amendments thereto; 
 “Second Adjourned Meeting” shall have the meaning given to
the term in Clause 4.5.1;  
 “Second Call Period” shall mean a period of ninety (90) days commencing from
April 1, 2020; 
 “Second Minority ROFO Offer Notice” shall have the meaning given to the term in Clause 11.3.2; 

“Second Put Period” shall mean a period of ninety (90) days, commencing from April 1, 2019; 

“Securities” means any subscriptions, options, debentures, preference shares, instruments, bonds, conversion rights,
warrants, or similar agreements, securities, letter agreements, including without limitation, those conferring the right to subscribe to the equity/preference Shares of the Company or commitments/arrangements of any kind obligating the Company to
issue, allot, grant, deliver or sell, or cause to be issued, allotted, granted, delivered or sold (a) any Equity Shares or any derivative securities of the Company; (b) any securities convertible into or exchangeable for any Equity Shares
in the equity Share Capital; or (c) any instrument that creates any rights whatsoever to participate in the equity, economic interest or income of the Company; 

  
 -16- 

 “Selling Tata Shareholder” shall have the meaning given to the term in
Clause 11.4.1; 
 “Share Capital” shall mean the issued and outstanding share capital of the Company on a
Fully Diluted Basis; 
 “Share Purchase Agreement” has the meaning given to the term in Recital B; 

“Shareholder” means from time to time a Person in whose name shares are registered in the Company’s register of members
and/ or register of preference shares, and “Shareholders” means all of them; 
 “Shareholder Meeting
Quorum” shall have the meaning given to the term in Clause 5.4; 
 “Shareholders Agreement Put Obligation
Performance Guarantees” shall mean: 
  

	 	(a)	the sponsor support agreement executed by American Tower International, Inc. on the Execution Date, in favour of TTSL, TSL, MSIIPL, SMIT and IDFCPE III, and to be effective as of the Execution Date, governed by the
Jurisdiction of New York to ensure performance of the obligations of the Investors under Clauses 11.10, 12, 13, 14, 15 ; and 

  

	 	(b)	the irrevocable and unconditional guarantee to be issued by American Tower Corporation on the Execution Date, in favour of TTSL, TSL, MSIIPL, SMIT and IDFCPE III, and to be effective as of the Execution Date,
guaranteeing discharge by ATII of its obligations under the sponsor support agreement entered into by ATII as per (a) above; 

“Shareholding” means the percentage of shareholding in the Share Capital; 

“Shares” means any shares in the Share Capital; 

“SMIT” shall have the meaning given to it in the Preamble; 

“Subsequent Financial Year” means any Financial Year after Financial Year 2017; 

“Tag Along Acceptance Notice” shall have the meaning given to the term in Clause 11.7.4; 

“Tag Along Offer Notice” shall have the meaning given to the term in Clause 11.7.1; 

“Tag Along Right” shall have the meaning given to the term in Clause 11.7.3; 

“Tag Along Shareholders” shall have the meaning given to the term in Clause 11.7.3; 

“Tag Along Shares” shall have the meaning given to the term in Clause 11.7.4; 

“Tata Option Price” shall have the meaning given to it in Clause 11.4.1; 

  
 -17- 

 “Tata ROFO Offer Notice” shall have the meaning given to it in Clause 11.4.1;

 “Tata ROFO Period” shall have the meaning given to it in Clause 11.4.1; 

“Tatas” shall mean TTSL, TSL and any of their respective Affiliates (including TOF) who hold any Shares in the
Company; 
 “Taxes” or “Taxation” includes all forms of taxation (direct or indirect),
charges, duties, imposts, levies or other assessments, fees, rates and withholding obligations (with respect to compensation or otherwise), imposed by any Governmental Authority under applicable Law on income or other assessment of income, profits
(including dividend), service, sales, wealth, value added tax, excise, export duty, import duty, entry tax, professional tax, service tax, dividend distribution tax, capital gains, stamp duty and property tax, social security, payroll tax, whenever
created or imposed and whether under the Laws of India or elsewhere, and all penalties, fines and interest payable and any additions in respect of such amounts; 

“Territory” means the Republic of India; 

“Third Party” means any Person other than the Shareholders (including such Shareholder’s Affiliates) and the
Company; 
 “Third Party Consultants” shall have the meaning given to the term in Clause 9.2; 

“Third Party Subscriber” shall have the meaning given to the term in Clause 10.5; 

“TOF” shall mean the Tata Opportunities Fund LP (a limited partnership registered in Singapore) or any other successor limited
partnerships, managed by Tata Capital Advisors Pte. Limited and shall include: 
  

	 	(i)	its general partner and limited partners 

  

	 	(ii)	any Persons, funds, vehicles or companies directly or indirectly, managed or advised by Tata Capital Advisors Pte. Limited, in its capacity as an investment manager 

 

	 	(iii)	Tata Capital Limited and any Persons or entities, directly or indirectly, owned or Controlled or managed by or under the joint Control of Tata Capital Limited; 

“Transfer” means and includes any direct or indirect sale, assignment, lease, transfer, gift, or other disposition or
alienation of any property, asset, right or privilege or any interest therein or thereto; provided, however, the sale or assignment of any equity interest in the Investor which does not result in a change in Control of the Investor shall not
constitute a “Transfer” for purposes of this Agreement; 
 “Trigger Events” shall have the
meaning given to the term in Clause 10.5; 
 “TSL” shall have the meaning given to the term in the Preamble;
 

  
 -18- 

 “TTML” means Tata Teleservices (Maharashtra) Limited; and 

“TTSL” shall have the meaning given to the term in the Preamble.  

 

	1.2	Interpretation 

  

	 	1.2.1	In this Agreement: 

  

	 	(a)	References to the singular shall include references to the plural and vice-versa; 

  

	 	(b)	References to Recitals, Clauses, Sub-Clauses and Schedules are to recitals, clauses, sub-clauses of, and schedules to, this Agreement; 

 

	 	(c)	Any reference herein to a statutory provision shall include such provision, as is in force for the time being and as from time to time, amended or re-enacted; 

 

	 	(d)	The words “this Clause” unless followed by a specific clause and/or sub-clause number, shall mean the entire clause and not merely the sub-clause or portion of the clause where such words appear;

  

	 	(e)	The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement; 

  

	 	(f)	The words “include”, “including” and “among other things” shall, in all cases, be deemed to be followed by “without limitation” or “but not limited to” whether or not
they are followed by such phrases or words of like import; 

  

	 	(g)	Unless otherwise stated, time will be the essence of contract for the purpose of any Party’s obligations under this Agreement; 

  

	 	(h)	References in this Agreement to any document or agreement (including this Agreement) shall be deemed to include references to such document or agreement as amended, varied, restated, supplemented or replaced from time
to time in accordance with the terms thereof and also include references to any side letters executed in connection therewith, except as otherwise provided in this Agreement; 

 

	 	(i)	Unless the contrary is expressly stated, no Clause in this Agreement limits the extent or application of another Clause; 

  

	 	(j)	Headings to Clauses, parts and paragraphs of Schedules and Schedules are for convenience only and do not affect the interpretation of this Agreement; 

  
 -19- 

	 	(k)	Any reference to any Party or Shareholder being obliged to “procure” or “cause” or “ensure” any action shall be construed as a reference to that Party or Shareholder being obliged to
exercise all rights and powers available to it so as to procure or cause or ensure the relevant action; and 

  

	 	(l)	The determination of any period of days for the occurrence of an event or the performance of any act or thing shall be deemed to be exclusive of the day on which the event happens or the act or thing is done.

  

	2.	EFFECTIVE DATE 

  

	2.1	This Agreement shall become effective and binding on the Parties on the date of Completion (the “Effective Date”), other than Clause 3 (Representations and Warranties and Covenants), Clause 19, (Costs
and Expenses), Clause 20 (Confidentiality), Clause 22 (Miscellaneous), Clause 23 (Governing Law and Arbitration) and Clause 24 (Dispute Resolution) which shall come into effect on the Execution Date. 

 

	2.2	As of the Effective Date, upon Completion, the Shareholding of the Parties in the Company shall be in the proportion mentioned in Schedule 1B. 

 

	2.3	In the event that the Investor uses its right to designate Person(s) to purchase any of the Sale Shares in accordance with Clause 2.1 of the Share Purchase Agreement, references to the “Investor” shall include
such Person(s). 

  

	2.4	The Parties agree that, the Investor shall have the right to convert the Company to a private limited company under the provisions of the Companies Act, provided that such conversion shall be undertaken in a manner that
will not adversely affect or delay the Combination. 

  

	3.	REPRESENTATIONS AND WARRANTIES AND COVENANTS 

  

	3.1	Each Party represents and warrants to the other Parties as follows: 

  

	 	3.1.1	It is duly organized and validly existing under the laws of jurisdiction in which it is incorporated and has the necessary corporate power and authority to carry on its business. 

 

	 	3.1.2	It has all necessary power and authority to execute and deliver this Agreement and this Agreement shall constitute its valid and binding obligations. The execution and delivery of this Agreement has been duly and
validly authorised and no other corporate action or proceeding on its part is necessary to authorise execution of this Agreement. 

  

	 	3.1.3	The execution and delivery of this Agreement does not and will not: 

  

	 	(a)	contravene any provisions of its charter documents or its memorandum of association or articles of association; 

  
 -20- 

	 	(b)	excluding the Other Shareholder Agreements (each of which shall stand terminated on the Effective Date), to the extent applicable to such Party, result in a default or give rise to any right of termination, cancellation
or acceleration under any of the terms, conditions or provisions of any material indenture, mortgage, note, lien, license, government registration, contract, lease, agreement or other instrument or obligation to which it is a party or by which it is
bound; or 

  

	 	(c)	violate any order, writ, judgement, injunction, decree, statute, ordinance, rule or regulation applicable to it. 

  

	 	3.1.4	No order has been made, petition presented, resolution passed or meeting convened for its liquidation, winding up and/or for an administration order against it and there are no cases or proceedings under any applicable
insolvency, reorganisation, or similar applicable Laws and no events have occurred which, under applicable Laws, would justify and result in any such cases or proceedings, other than as disclosed by the Company in the disclosure schedule delivered
by the Company pursuant to the Share Purchase Agreement. 

  

	 	3.1.5	Except for this Agreement, the Implementation Agreement and the Other Shareholder Agreements (each of which shall stand terminated on the Effective Date), to the extent applicable to such Party, such Party has not
entered into or agreed to be bound by any other agreements or arrangements of any kind with any other Party with respect to the Equity Shares, including agreements or arrangements with respect to the acquisition, disposition or other transfer of the
Equity Shares or any interest therein or the voting of the Equity Shares, election of Directors or otherwise relating to the management and/or governance of the Company (whether or not such agreements and arrangements are with the Company or any
other Shareholder) and or any trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device with the purpose or effect of divesting such Shareholder of beneficial ownership of the Equity Shares. 

 

	3.2	Covenants 

  

	 	3.2.1	Each Shareholder shall not knowingly or intentionally take any action with respect to the Company that would constitute a violation of Anti Bribery Laws and no Shareholder shall transfer any Shares if it has knowledge
that the prospective purchaser or transferee is listed on published sanctions lists maintained by the Office of Foreign Assets Control of the United States Treasury Department, and/or any Shareholder may block a proposed transfer if the prospective
purchaser or transferee is listed on published sanctions lists maintained by the Office of Foreign Assets Control of the United States Treasury Department. 

  

	 	3.2.2	On and from the Effective Date, Parties agree, subject to the terms of this Agreement and the Articles of the Company, that: 

  
 -21- 

	 	(a)	The Investor shall be in, and shall be responsible for, the management and operational control of Company and shall at all times, including, without limitation for the purposes of any public offering and for the
purposes of filings required under Law, including for the purpose of Clause 15 hereto, be deemed to be the promoter of the Company; and 

  

	 	(b)	The Continuing Shareholders shall not be in, nor responsible for, the management and operational control of Company and shall not be classifed as promoters of the Company for any purpose. 

 

	4.	MANAGEMENT OF THE COMPANY 

  

	4.1	Board of Directors 

 Subject to the terms of this Agreement, the affairs of the Company
shall be managed exclusively by and under the overall direction and control of its Board, which shall have powers to do all such lawful acts and take all such actions as are permitted under applicable Law and the Charter Documents of the Company, at
all times observing the Affirmative Vote Matters as set out in Schedule 2; provided, however, that those matters that are required to be approved by the Shareholders, whether under applicable Law, this Agreement or the Charter
Documents, shall be referred to the Shareholders for their approval in accordance with applicable Law, this Agreement or the Charter Documents, as the case may be. 
  

	4.2	Composition of the Board 

  

	 	4.2.1	Unless otherwise agreed in writing among the Parties, or as otherwise provided under this Agreement, on and from the Effective Date, the Board shall consist of twelve (12) Directors appointed in accordance with the
terms set out herein: 

  

	 	(a)	the Investor (together with its Affiliates) shall: 

  

	 	(i)	so long as it collectively holds at least fifty percent (50%) of the Share Capital, have the right to nominate and designate for election six (6) Directors on the Board; 

 

	 	(ii)	for so long as it collectively holds twenty percent (20%) or more of the Share Capital, but less than fifty percent (50%) of the Share Capital, have the right to jointly nominate two (2) Directors on the
Board; and 

  

	 	(iii)	for so long as it collectively holds at least nine percent (9%) of the Share Capital, have the right to jointly nominate one (1) Director on the Board. 

 

	 	(b)	the Tatas shall: 

  

	 	(i)	 for so long as they collectively hold twenty percent (20%) or more 

  
 -22- 

	 	
of the Share Capital, but less than fifty percent (50%) of the Share Capital, have the right to jointly nominate two (2) Directors on the Board; and 

 

	 	(ii)	for so long as Tatas collectively hold at least nine percent (9%) of the Share Capital, have the right to jointly nominate one (1) Director on the Board. 

 

	 	(c)	MSIIPL and SMIT shall have the right to jointly nominate one (1) Director on the Board so long as they collectively hold their actual Shareholding as on the Effective Date (such shareholding, the “MSIIPL
and SMIT Effective Date Shareholding”). 

 Notwithstanding anything contained in Clause 4.2.1(c) above, MSIIPL and
SMIT’s right to nominate one (1) Director under said clause shall be subject to Clause 27. 
  

	 	(d)	at least three (3) Independent Directors (or such other number as required under applicable Law) shall be appointed by the Board, subject to the consent of the Investor, to satisfy any requirements for appointment
of a minimum number of, or qualifications of, Directors under applicable Law. 

  

	 	4.2.2	Unless otherwise agreed in writing among the Parties, on and from the conversion of the Company into a private limited company, the Board shall consist of seven (7) Directors appointed in accordance with the terms
set out herein: 

  

	 	(a)	the Investor (together with its Affiliates) shall: 

  

	 	(i)	so long as it collectively holds at least fifty percent (50%) of the Share Capital, have the right to nominate and designate for election four (4) Directors on the Board; 

 

	 	(ii)	for so long as it collectively holds twenty percent (20%) or more of the Share Capital, but less than fifty percent (50%) of the Share Capital, have the right to jointly nominate two (2) Directors on the
Board; and 

  

	 	(iii)	for so long as it collectively holds at least nine percent (9%) of the Share Capital, have the right to jointly nominate one (1) Director on the Board. 

 

	 	(b)	the Tatas shall: 

  

	 	(i)	for so long as they collectively hold twenty percent (20%) or more of the Share Capital, but less than fifty percent (50%) of the Share Capital, have the right to jointly nominate two (2) Directors on the
Board; and 

  
 -23- 

	 	(ii)	for so long as Tatas collectively hold at least nine percent (9%) of the Share Capital, the Tatas have the right to jointly nominate one (1) Director on the Board. 

 

	 	(c)	MSIIPL and SMIT shall have the right to jointly nominate one (1) Director on the Board so long as they collectively hold MSIIPL and SMIT Effective Date Shareholding. 

Notwithstanding anything contained in Clause 4.2.2(c) above, MSIIPL’s and SMIT’s joint right to nominate one (1) Director under
said clause shall be subject to Clause 27. 
  

	 	4.2.3	The Party (the “Nominating Party”) entitled to nominate a Director shall be entitled to remove from office any Director so nominated by it and to appoint another nominee in the place of the Director so
removed. The Nominating Party shall be entitled, from time to time, to nominate an individual to be appointed as an alternate Director to the Director nominated by it and the Board shall appoint such Person as an alternate Director for such
Director. 

  

	 	4.2.4	The Parties undertake to exercise all their rights (including voting rights) and powers and take all requisite actions to ensure that: (a) the Person nominated by a Nominating Party for appointment as a Director is
forthwith appointed as a Director; (b) in case of a Person who is a Director other than an alternate Director, unless such Party changes or withdraws such nomination, such Person is also elected as a Director at the next General Meeting; and
(c) a Director that the Nominating Party seeks to remove in accordance with Clause 4.2.3 is promptly removed. 

  

	 	4.2.5	Notwithstanding anything contained in this Clause 4.2, in the event TTSL and TSL, collectively, cease to have the right to nominate a Director on the Board, TTSL shall have the right to nominate 1 (one) observer
(without a right to participate or vote at the meetings) for so long as TTSL remains the Company’s largest customer by gross revenue on an annual basis, is a Shareholder and there has been no change in Control with respect to TTSL’s
ownership. Such observer shall be subject to confidentiality obligations in the same manner as are applicable to Directors. 

  

	4.3	Chairman 

 The Investor shall select from amongst the Directors it has designated, one
(1) Director to be the chairman of the Board. The chairman of the Board shall have a second or casting vote in the event of an equality of votes at Board meetings of the Company. 

 

	4.4	Meetings of the Board 

  

	 	4.4.1	 The Board shall convene a meeting at least once in every calendar quarter at a location determined by the Board and no more than one hundred and
twenty (120) days shall elapse between two (2) consecutive Board meetings. The Board may 

  
 -24- 

	 	
hold a meeting of the Board via teleconference, videoconference and other audio visual means, if permitted under applicable Law. The Board may meet more often from time to time as it deems
necessary. Meetings of the Board may be called, with written notice to the Directors, by the chairman of the Board or a majority of the Board. 

  

	 	4.4.2	Subject to the provisions of applicable Law, at least fourteen (14) Business Days’ notice of each Board meeting shall be given to every Director at his or her usual address, provided always that a meeting may
be convened at a shorter notice period only with the consent of all Directors in writing. 

  

	 	4.4.3	The notice of each Board meeting shall include an agenda setting out the business proposed to be transacted at the meeting and no matter other than the business mentioned in the agenda shall be taken up for discussion
or voting at such meeting unless agreed by all Directors (whether present or not at such meeting). 

  

	 	4.4.4	In the event the Director nominated by MSIIPL and SMIT is unable to attend a meeting of the Board, MSIIPL and SMIT shall jointly be entitled to send an observer to such meeting, who shall not be entitled to participate
or vote at the meeting. Such observer shall be subject to confidentiality obligations in the same manner as are applicable to Directors. 

  

	4.5	Quorum 

  

	 	4.5.1	The quorum for all meetings of the Board shall be at least four (4) Directors. Without prejudice to the foregoing, a valid quorum for every meeting of the Board shall be deemed to be constituted only if at least
(a) three (3) Directors nominated by the Investor and (b) one (1) Director nominated jointly by TTSL and TSL (such valid quorum requirements under the preceding clauses (a) and (b), the “Board Meeting
Quorum”) are present at the beginning and throughout the meeting of the Board (the “Original Meeting”). If the Board Meeting Quorum is not present within thirty (30) minutes from the time when the Original Meeting
should have begun, or if during the Original Meeting there is no longer a quorum, the Original Meeting shall automatically be adjourned to the same day in the following week (the “First Adjourned Meeting”). If the Board Meeting
Quorum is not present within thirty (30) minutes from the time when the First Adjourned Meeting should have begun, or if during the First Adjourned Meeting there is no longer a quorum, the First Adjourned Meeting shall automatically be further
adjourned to the same day in the following week (the “Second Adjourned Meeting”, together with the First Adjourned Meeting, each an “Adjourned Meeting”). If the Board Meeting Quorum is not present at the Second
Adjourned Meeting, the Directors then present shall, subject to applicable Law, constitute the quorum for the Second Adjourned Meeting and shall, subject to the provisions of Clause 6, be entitled to vote and pass resolutions in relation to all
matters (excluding Affirmative Vote Matters in accordance with Clause 4.5.3). Each Party may, at its discretion, agree in writing to waive its respective rights under this Clause 4.5.1 on a case by case basis. 

  
 -25- 

	 	4.5.2	Written notice of each Adjourned Meeting shall be given to all Directors at least five (5) Business Days before the Adjourned Meeting. Directors shall be regarded as present for the purposes of a quorum if
represented by an alternate Director. Attendance by a Director in-person or via teleconference, videoconference or other audio visual means, if permitted under applicable Law, shall be regarded as present for purposes of the quorum.

  

	 	4.5.3	Notwithstanding anything else mentioned herein, (a) no resolution shall be passed in respect of any Affirmative Vote Matter in a Board meeting unless the quorum is present as per Clause 4.5.1 above and the Director
if nominated by the Shareholder whose Consent is required for the Affirmative Vote Matter is present in such Board meeting; provided, however, that such resolution can be passed if the decision of any nominee Director (or the
nominating Shareholder of such Director) whose presence is required to constitute the quorum as per this Clause 4.5.3 has already been communicated in writing to the Company; and (b) the Parties hereby further agree that if (x) at least
one (1) Director nominated by the Shareholder whose Consent is required for an Affirmative Vote Matter is not present, even at the Second Adjourned Meeting, and (y) the decision (either approval or disapproval of the concerned Affirmative
Vote Matter) of such Director (or the nominating Shareholder of such Director) has also not been communicated in writing to the Company prior to the Second Adjourned Meeting, then (z) such Director shall not be deemed to have approved the
relevant Affirmative Vote Matter. 

  

	 	4.5.4	Minutes of each meeting of the Board and of any Board committee shall be taken in English and kept by the Company in accordance with applicable Law. 

 

	4.6	Passing of Resolutions and Voting 

  

	 	4.6.1	Each Director shall have the right to cast one (1) vote. Except for decisions relating to Affirmative Vote Matters under this Agreement (which may additionally require a Consent from one or more Shareholders under
Clause 6) or which expressly require a higher majority under applicable Law, decisions of the Board shall be made on the basis of a simple majority vote cast by the Directors entitled to vote at the relevant meeting representing a majority of the
number of Directors present and voting on any resolution put to vote at any Board meeting. In the event the provisions of Clause 6 hereof are unenforceable under Law at the meetings of the Board, all decisions in relation to any of the matters
specified in Clause 6 shall be taken by the Company only at a General Meeting and shall be required to be passed by way of special resolution or such other higher threshold as may be required to give effect to the provisions of Clause 6.

  

	 	4.6.2	A resolution by circulation shall be as valid and effectual as a resolution duly passed at a meeting of the Directors called and held, provided that it has been circulated in draft form, together with the relevant
papers, if any, to all of the Directors and such draft form of the resolution has been approved by all Directors. 

  
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	4.7	Committees of the Board 

  

	 	4.7.1	Unless otherwise agreed between the parties, the committees of the Board shall be the Audit Committee (the “Audit Committee”), the Nomination and Remuneration Committee (the “Nomination
Committee”) and the Corporate Social Responsibility Committee (the “CSR Committee”). The Parties agree and acknowledge the following: 

  

	 	(a)	The Audit Committee shall be comprised of five (5) Directors, of which three (3) Directors shall be Independent Directors, one (1) Director shall be nominated by the Investor, and one (1) Director
shall be nominated jointly by TTSL and TSL. 

  

	 	(b)	The Nomination Committee shall be comprised of five (5) Directors, of which three (3) Directors shall be Independent Directors, one (1) Director shall be nominated by the Investor, and one
(1) Director shall be nominated jointly by TTSL and TSL. 

  

	 	(c)	The CSR Committee shall be comprised of six (6) Directors, of which three (3) Directors shall be Independent Directors, two (2) Directors shall be nominated by the Investor, and one (1) Director
shall be nominated jointly by MSIIPL and SMIT. 

  

	 	(d)	For any and all other Board committees, unless agreed between the Parties at least three (3) Directors nominated by the Investor, one (1) Director nominated jointly by TTSL and TSL, and one (1) Director
nominated jointly by MSIIPL and SMIT shall be nominated as a member of each such Board committee. 

 It is hereby clarified
that on and from the conversion of the Company into a private limited company, subject to any requirements of applicable Law, the Board shall be entitled to reconstitute the Audit Committee, the Nomination Committee and the CSR Committee to remove
any Independent Directors, it being understood that (a) until such time that the Investor and TTSL/TSL have the right to nominate a Director, each of such committees shall comprise at least one (1) Director to be nominated by the Investor
and one (1) Director nominated jointly by TTSL and TSL, and (b) following such reconstitution, each of the committees shall comprise a majority of Directors nominated by the Investor. 

Without prejudice to the foregoing, a valid quorum for every meeting of each Board committee shall be deemed to be constituted only if
(1) Director nominated by the Investor and one (1) Director nominated jointly by TTSL and TSL (if applicable) are present at the beginning and throughout the meeting of the committee. Attendance by a Director in-person or via
teleconference, videoconference or other audio visual means, if permitted under applicable Law, shall be regarded as present for purposes of each committee. Except for decisions relating to Affirmative Vote Matters (which may additionally require a
Consent 

  
 -27- 

 
from one or more Directors under Clause 6), committee recommendations to the Board shall reflect the shared view of the Directors on the basis of a consensus vote of those Directors on such
committee entitled to vote at the relevant meeting. Each of the Directors shall have the right to request for, and shall be provided a copy of the minutes of each of the committee meetings, and the Company shall provide such minutes to the
requesting Director promptly. 
  

	 	4.7.2	The Parties agree that all matters that would be referred to committees shall be determined by the Board and the Board may create ad-hoc committees as required (each of which shall be subject to the Clauses
4.7.1(d) and the final paragraph of 4.7.1). The Board shall define the scope of the actions of each committee. Notwithstanding the foregoing, any delegation of an item relating to an Affirmative Vote Matter shall itself be an Affirmative Vote
Matter. Further, the minutes of each of the committee meetings shall be placed before the Board at the next Board meeting. 

  

	 	4.7.3	The provisions relating to the meetings of the Board of the Company under Clauses 4.4, 4.5 and 4.6 shall apply mutatis mutandis to any meeting of each Board committee. 

 

	4.8	Executive Management of the Company 

  

	 	4.8.1	It is agreed that the day to day management of the Company, subject to the overall supervision and control of the Board, shall be delegated to the managing director of the Company (the “Managing
Director”) and other important managerial personnel. 

  

	 	4.8.2	The Managing Director shall be designated and appointed by the Board; provided, however, that, so long as TTSL, TSL or their Affiliates is entitled to appoint one (1) Director pursuant to Clause
4.2.1(b) or Clause 4.2.2 (b) (as applicable), of the Company, then such designation and appointment shall follow consultation between the Investor and TTSL, TSL or such Affiliates (as applicable) regarding such designation and appointment.

  

	 	4.8.3	The chief executive officer, chief operating officer, chief financial officer, chief compliance officer and company secretary shall be selected by the Nomination Committee in consultation with, and approval of, the
Board. 

  

	 	4.8.4	The Parties agree that the important managerial positions of the Company as of the Effective Date shall be identified jointly, in writing, by the Investor, TTSL and TSL as set out on Schedule 5. 

 

	4.9	Annual Business Plan 

  

	 	4.9.1	 Unless otherwise agreed among the Parties, the Annual Business Plan of the Company for the Financial Year 2017, which shall come into effect as and
from April 1, 2016, shall be the higher of revenue and expenditure figures based on (A) the Annual Business Plan for the Financial Year ending March 31, 2016 provided

  
 -28- 

	 	
to the Investor by the Company or (B) the actual annual operating revenue and expenditure results of the Company (and excluding extraordinary items) for the Financial Year ending
March 31, 2016 (it being understood that if the Completion occurs prior to March 31, 2016, the operating revenue and expenditure statement from April 1, 2015 till the date of Completion shall be annualized), in each case, adjusted
upwards by up to ten percent (10%) in respect of each key expenditure parameter (including the capital expenditure, operating expenditure and SG&A expenses) and further adjusted to account for the average inflation for the previous two
(2) Financial Years, computed in accordance with the Consumer Price Index. Provided that the target operating results and cash flows in such Annual Business Plan shall have been increased by a minimum of 10% plus average inflation for the
previous two (2) Financial Years, computed in accordance with the Consumer Price Index. Upon completion of the Combination the Annual Business Plan of the Company will be adjusted to include the annual business plan of the ATC India Entities.
The annual business plan of the ATC India Entities shall be prepared on a basis consistent with that of the Company. For any partial year post Combination, the Annual Business Plan shall include the remaining portion of the annual business
plan of the ATC India Entities and for the period already elapsed, the Annual Business Plan shall be restated to include the actual income and operating statement of the ATC India Entities for such elapsed period. 

 

	 	4.9.2	Unless otherwise agreed among the Parties in a Subsequent Financial Year, the Parties further agree that the Annual Business Plan for any Subsequent Financial Year shall, from the commencement of a Financial Year be the
higher of revenue and expenditure numbers based on (A) Annual Business Plan for the previous Financial Year (which for avoidance of doubt may include an Annual Business Plan deemed to be approved under this Clause 4.9.2 for such previous
Financial Year) or (B) the actual operating results and cash flows of the Company for the fourth quarter of the previous Financial Year, to be computed (excluding extraordinary items), annualized, in each case adjusted cumulatively on account
of each of the following: (i) upwards for any Allowed Transaction in the previous Financial Year; (ii) upward increase of upto ten percent (10%) in respect of each key expenditure parameter (including the capital expenditure,
operating expenditure and SG&A expenses); and (iii) adjustment on account of the average inflation for the previous 2 (two) Financial Years, computed in accordance with the Consumer Price Index. Provided that the target operating results
and cash flows in such annual business plan shall have been increased by a minimum of 10%, plus average inflation for the previous 2 (two) Financial Years, computed in accordance with the Consumer Price Index. Such Annual Business Plan shall be
adopted by the Board as the Annual Business Plan applicable for such Subsequent Financial Year. 

  

	 	4.9.3	The Business shall be conducted in accordance with the approved Annual Business Plan. 

  

	 	4.9.4	 Along with each Annual Business Plan, the Company shall provide to the 

  
 -29- 

	 	
Shareholders a business outlook for the next three (3) Financial Years. 

  

	5.	SHAREHOLDERS MEETINGS 

  

	5.1	The Board may convene a General Meeting. 

  

	5.2	Subject to the provisions of applicable Law, at least twenty-one (21) Business Days written notice of every General Meeting shall be given to all Shareholders at their usual address, provided always that a General
Meeting may be convened by a notice shorter than twenty-one (21) Business Days, in accordance with the provisions of applicable Law; provided, however, that any notice period shorter than twenty-one (21) Business Days shall
require the prior consent of TTSL, TSL, MSIIPL, SMIT and IDFCPE III, which consent shall not be unreasonably delayed, conditioned or withheld. 

  

	5.3	The notice of each General Meeting shall include an agenda setting out the business proposed to be transacted at the meeting, together with copies of all relevant papers connected therewith and/or proposed to be placed
before or tabled at the General Meeting. 

  

	5.4	The quorum for a General Meeting shall be in accordance with applicable Law, provided that it shall comprise at least one (1) representative of the Investor and one (1) representative representing both TTSL
and TSL (the “Shareholder Meeting Quorum”). If the Shareholder Meeting Quorum is not present within thirty (30) minutes from the time when the meeting should have begun, or if during the meeting there is no longer a Shareholder
Meeting Quorum, the meeting shall automatically be adjourned to the same day in the following week (an “Adjourned General Meeting”) in accordance with applicable Law. If the Shareholder Meeting Quorum is not present at an Adjourned
General Meeting, the representatives present (which must include the representative of the Investor) shall constitute the quorum for such Adjourned General Meeting, and, subject to applicable Law and Clause 6 below, shall be entitled to vote and
pass resolutions in relation to all matters (excluding the Affirmative Vote Matters in accordance with Clause 5.5 below). Each Party may, at its discretion, agree in writing to waive its respective rights under this Clause 5.4 on a case by
case basis. 

  

	5.5	Notwithstanding anything else mentioned herein, (a) no resolution shall be taken up for consideration in respect of any of the Affirmative Vote Matters unless the quorum of the General Meeting comprises at least
one (1) representative nominated by the Shareholder without whose Consent such Affirmative Vote Matter cannot be passed, and such representative is present at the beginning and throughout the meeting; provided, however, that that
such resolution can be passed if the decision of such Party has already been communicated in writing to the Company, and (b) the Parties hereby further agree that if (x) at least one (1) representative of the Shareholder whose Consent
is required for an Affirmative Vote Matters is not present even at an Adjourned General Meeting, and (y) the decision (either approval or disapproval of the concerned Affirmative Vote Matter) of such Shareholder has also not been communicated
in writing to the Company prior to the Adjourned General Meeting, then (z) such Shareholder shall not be deemed to have approved the relevant Affirmative Vote Matter. 

  
 -30- 

	5.6	The chairman of the Board shall preside as chairman of all General Meetings. 

  

	5.7	Each Equity Share shall carry one (1) vote and subject to the provisions of Clause 6 below and applicable Law, all decisions of the Shareholders shall be made by simple majority of all outstanding Equity Shares.

  

	5.8	Each Shareholder agrees to exercise its voting rights as a Shareholder to fully and effectually implement the spirit, intent and specific provisions of this Agreement, including, without limitation, to support the
appointment of a Director proposed for appointment by the Shareholders. The Shareholders expressly agree and undertake at all times to exercise their voting rights, or to cause their separate representatives or proxies who may exercise such voting
rights on their behalf, at any General Meeting hereunder in a manner that shall give effect to and comply with the provisions of this Agreement. 

  

	5.9	Each Shareholder, including the Investor, agrees that it has not and shall not enter into any voting trusts, rights of pre-emption, shareholder agreements, proxies or other agreements or understandings with respect to
the voting or transfer of any of its Equity Shares except in accordance with the provisions of this Agreement. 

  

	6.	AFFIRMATIVE VOTE MATTERS 

  

	6.1	For so long as any Shareholder (together with its Affiliates) holds Level I Governance Participation, no action or decision relating to any of the Affirmative Vote Matters listed in Part A of Schedule 2 shall be taken
or permitted to be taken, and no resolution shall be passed, by the Board, its committees, and/or the Shareholders at a meeting or in any other manner whatsoever, without the Consent of such Shareholder or a Director nominated by such Shareholder,
except as provided in Clause 6.5. 

 Provided that the right of MSIIPL and SMIT under this Clause 6.1 relating to the
Affirmative Vote Matters listed in items 4, 5 and 12 of Part A, shall fall away upon the expiry of the June 30, 2019. 
  

	6.2	For so long as any Shareholder (together with its Affiliates) holds Level II Governance Participation and for so long as the Investor’s Shareholding is at least 50%, no action or decision relating to any of the
Affirmative Vote Matters listed in Part A of Schedule 2 and Part B of Schedule 2 shall be taken or permitted to be taken, and no resolution shall be passed, by the Board, its committees, and/or the Shareholders at a meeting or in any other manner
whatsoever, without the Consent of such Shareholder and/or the Investor, as the case may be, except as provided in Clause 6.5. 

  

	6.3	The Parties further agree and acknowledge that if the rights of any Shareholder set out in this Clause 6 are rendered unenforceable at any meeting of the Board for any reason whatsoever, then all decisions in relation
to such matters at such meeting of the Board shall be taken by the Company only at a General Meeting duly convened in accordance with this Agreement, and shall be required to be passed by way of special resolution or such other higher threshold as
may be required to give effect to the intent and purpose of the provisions of this Clause 6. 

  
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	6.4	Any resolution passed and any action taken by the Company in contravention of the provisions of this Clause 6 shall be deemed to be ultra vires the powers of the Company and shall be void ab initio.

  

	6.5	Notwithstanding anything to the contrary contained in this Agreement or the Articles of Association of the Company, any action or decision by the Company required to give effect to the Exempted Transactions shall not be
considered as an Affirmative Vote Matter and will accordingly not require the Consent of Shareholders as mentioned in Clause 6.1 and 6.2 above. 

  

	7.	DEADLOCK 

  

	7.1	If: 

  

	 	7.1.1	the Board or any Board committee is unable to pass a resolution on an Affirmative Vote Matter that has been put to it in a duly convened meeting (including Adjourned Board Meeting, if any), because the Director
nominated by the Shareholder whose Consent is needed for such Affirmative Vote Matter has not voted in favor of it or has communicated its disapproval with respect to such Affirmative Vote Matter or has not been present at such meeting; or

  

	 	7.1.2	the Shareholders are unable to pass a resolution on an Affirmative Vote Matter, which has been put to them in a duly convened meeting (including Adjourned General Meeting, if any) because the Shareholder whose Consent
is needed for such Affirmative Vote Matter has not voted in favor of it or has communicated its disapproval with respect to such Affirmative Vote Matter or has not been present at such meeting, 

(the situations in Clauses 7.1.1and 7.1.2, each, a “Deadlock Matter”), 

then either of the Investor or the Shareholder whose consent was needed for such Affirmative Vote Matter may refer the unresolved matter to
such Party’s chairman/chief executive officer or such other senior representative nominated by such Party (such nominated individuals, the “Deadlock Appointees”) by sending written notice to the Deadlock Appointees along with a
copy to all Parties. 
  

	7.2	The resolution agreed by the Deadlock Appointees in the manner provided in this Clause 6.5 shall be final and binding on the Investor and the relevant Shareholder, and the Deadlock Matter shall be resolved accordingly.
Until the Deadlock Matter is so resolved, the Company shall continue to operate in accordance with the terms of this Agreement and its Articles of Association. 

  

	7.3	If the Deadlock Appointees are not able to resolve the Deadlock Matter within thirty (30) Business Days of the referral noted in the final paragraph of Clause 7.1, then the Affirmative Vote of the Shareholder shall
be deemed to have prevailed and the Deadlock Matter shall be deemed to have been resolved as such. 

  

	

  

  
 -32- 

	8.	IIF PREFERENCE SHARES 

  

	8.1	The Parties agree and confirm that on and from the date of Completion, in the event any payment is due and payable to India Infrastructure Fund (“IIF”) in accordance with the terms of the Investment
Agreement (including, without limitation, any dividends, interests, premiums or any other payments) and the Company is unable to make such payment for any reason whatsoever, then, the Investor shall, at least three (3) Business Days prior to
the date on which the payment is required to be made to IIF, invest amounts in the Company in such manner (other than through Equity Shares) , as may be required to ensure that the Company is able to make such payments (including paying any
dividends, premiums or redemption amounts) in relation to the preference shares held by IIF in accordance with the Investment Agreement. 

  

	8.2	Any issuance of convertible securities by the Company to the Investor pursuant to Clause 8.1 shall be subject to the following: 

  

	 	8.2.1	If such preferences shares are convertible into Equity Shares, then such conversion right shall not be exercisable prior to March 31, 2021; and 

 

	 	8.2.2	Any conditions relating to payment of dividend or redemption amounts or any other financial terms shall be no less favourable to the Company than those applicable to the IIF Preference Shares terms. 

 

	8.3	On and from the date of Completion: 

  

	 	8.3.1	ATC shall be deemed to be a party to the Investment Agreement; 

  

	 	8.3.2	The Investment Agreement shall be deemed to have automatically terminated as against TTSL and QTIPL, except to the extent of the rights, remedies and liabilities already accrued to or against them; 

 

	 	8.3.3	The term ‘Promoter Group’ under the Investment Agreement shall be deemed to refer to ATC and not TTSL and QTIPL; 

  

	 	8.3.4	The term “Control” under the Investment Agreement shall mean the power to direct the management or policies of a Person, directly or indirectly, whether through the ownership of shares or other securities, by
contract or otherwise; provided that, in any event, the direct or indirect ownership of more than fifty percent (50%) of the securities of a Person is deemed to constitute Control of that Person, and the terms “Controlling” and
“Controlled” under the Investment Agreement have corresponding meanings. 

  

	8.4	Each of the Parties agrees to refrain from taking any action and to refrain from doing or causing to be done, anything which could reasonably be expected to impede or impair the rights and obligations of the Investor
under this Clause 8. 

  

	8.5	 The provisions of this Clause 8 shall apply mutatis mutandis to the preference shares issued to the Tatas or QTIL prior to the Execution Date for
purposes of enabling the 

  
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Company to make payments to IIF in relation to the IIF Preference Shares. 

  

	9.	INFORMATION, ACCOUNTING RECORDS AND AUDIT 

  

	9.1	Information 

  

	 	9.1.1	At all times during the term of this Agreement, the Company shall, and the Investor shall ensure that the Company shall, prepare, submit and furnish to each Shareholder and/or its representative the following:

  

	 	(a)	Until the expiry of the Macquarie Put Period, (i) quarterly financial statements (including an income statement, a statement of cash flow and a balance sheet), reviewed by a Big Four audit firm or an Indian Audit
Firm and approved by the board of directors of the Company, in accordance with the historical practice of the Company existing prior to the Execution Date (other than with respect to practice on timelines), within sixty (60) days, of the end of
each quarter (other than the fourth quarter of the Financial Year); (ii) unaudited quarterly financial statements (including an income statement, a statement of cash flow and a balance sheet), for the fourth quarter of the Financial Year within
sixty (60) days of the end of such fourth quarter; 

  

	 	(b)	Annual audited financials within one hundred and twenty (120) days of the end of each Financial Year; 

  

	 	(c)	An Annual Business Plan (containing a quarterly income statement, a statement of cash flow and a balance sheet), no later than thirty (30) days before the beginning of each Financial Year; 

 

	 	(d)	Internal audit reports prepared by the Company in accordance with Clause 9.3.1; 

  

	 	(e)	Monthly financial and operational statements of the Company and statement on the gross debt (excluding the working capital loans) to equity ratio of the Company, within fifteen (15) days of the end of each month in
substantially the same form as the Company was providing such monthly statements prior to the Effective Date; 

  

	 	(f)	A written confirmation of the percentage of equity Shareholding to any of the Shareholding of the Company, within thirty (30) days of the expiry of the Financial Year and also within thirty (30) days of any
change in the Shareholding of the Company; 

  

	 	(g)	 Information regarding the following events in relation to the Company within a period of seven (7) days following such event (i) acquisition
bids made by the Company, (ii) addition or loss of a major telecommunications customer, (iii) arbitration proceeding with a material customer (more than five percent (5%) of the total revenues of the Company), (iv) material

  
 -34- 

	 	
changes in the Master Lease Agreement (having impact of more than five percent (5%) revision in total revenues of the Company from such Master Lease Agreement), (v) loss or termination
in key managerial personnel of the Company; and (vi) entry into a new (adjacent) business; 

  

	 	(h)	Such other information as may be reasonably requested by the Shareholders (or their representatives) as reasonably conforms to the past practice and processes of the Company, subject to the same being available with the
Company. 

  

	 	9.1.2	The Company shall keep complete and accurate books of Accounts and shall produce monthly Accounts fairly representing the state of affairs of the Business. 

 

	 	9.1.3	Each of the Shareholders shall have the right, after providing notice of at least ten (10) Business Days, to inspect and audit, or cause to be inspected and audited, the business records, bookkeeping and accounting
records, income tax records and returns, and other records of the Company. The Company shall provide each Shareholder with reasonable access, including as part of any inspection and audit, to the Company’s senior management to enable such
Shareholder to discuss the affairs and operations of the Company. The costs and expenses associated with exercise of the right prescribed under this Clause 9.1.3 shall be borne and paid for by such Shareholder. 

Provided that the rights of the Shareholders in this Clause 9.1.3 shall be exercisable by such Shareholders up to a maximum of two times in a
Financial Year. 
  

	 	9.1.4	At all times during the term of this Agreement, the Investor shall furnish to each Shareholder and/or its representative, the information listed in Clauses 9.1.1 (a) to (g) above in relation to the ATC India
Entities, as per the time lines respectively prescribed in Clauses 9.1.1 (a) to (g). 

  

	 	9.1.5	Where as a result of an activity carried on or proposed to be carried on by the Company a Government Entity makes an inquiry or request for information in relation to a legal, compliance or regulatory requirement
pertaining to any Shareholder, the Shareholders shall use commercially reasonable efforts to co-operate with one another and the Company in relation to that inquiry or request and each shall provide all commercially reasonable information and
assistance lawfully required by such Government Entity upon request from the other Party. 

  

	 	9.1.6	It is agreed that, notwithstanding the conversion of the Company into a private limited company, the inspection and information rights of a shareholder under applicable Law as they apply to an unlisted public limited
company shall continue to be available to the Shareholders in relation to the Company. 

  

	9.2	Consultation 

 The Company shall make available to the Shareholder’s agents,
representatives, and third 

  
 -35- 

 
party independent consultants, auditors and technical experts (the “Third Party Consultants”) such information and documents as the Company is obligated to provide to its
shareholders under the Companies Act provided, however, that any and all costs or expenses associated with such provision shall be borne and paid for by such Shareholder. Such Shareholder’s agents, representatives, and the Third
Party Consultants shall (x) minimize any disruption and burden to the Company, its management and its employees during such review, and (y) keep any such information confidential as Confidential Information in accordance with
Clause 20, and such Shareholder shall be responsible for any breach of such obligations by such Persons. 
  

	9.3	Auditors 

  

	 	9.3.1	The Company shall appoint any one of the Big Four as the statutory auditor of the Company. The Company may elect to appoint any one of the Indian Audit Firms as the internal auditor of the Company or it may utilize the
ATC Global Internal Audit unit, which reports to the ATC Board of Directors, as the internal auditor. In either case, the audit reports generated for the Company may be reviewed by the shareholders, and if a particular material report is undertaken
by ATC Global Internal Audit, and there are material concerns or issues identified with the findings therein or the remedies proposed therein or if atleast two (2) Continuing Shareholders are not otherwise satisfied with the manner in which the
internal audit has been conducted by the ATC Global Internal Audit, such Continuing Shareholders may request that a follow on review be undertaken, at the cost of the Company, by an independent Indian Audit Firm, provided that if at the relevant
time there is only one (1) Continuing Shareholder then such Continuing Shareholder may exercise such right, acting alone. 

  

	 	9.3.2	The annual standalone and consolidated financial statements (including balance sheet, cash flow statement and profit and loss account) of the Company shall be prepared and certified by the statutory auditor of the
Company. 

  

	9.4	Accounting Principles 

 The financial statements of the Company shall be prepared in
accordance with applicable Laws and the Accounting Principles. The Investor shall ensure that the Accounting Principles used by the Company are applied consistently. In the event that any change in the Accounting Principles followed by the Company
prior to the Effective Date, other than a change in Accounting Principles solely pursuant to requirement of applicable Law, affects the determination of EBITDA, then for the purposes of calculation of the EBITDA for any purpose under this Agreement,
including for the calculation of the Per Share Fair Market Value, the Put Option Price and the Call Option Price, the EBITDA shall be restated for the relevant purpose under this Agreement to ensure that there is no impact of such change in
Accounting Principles on such purpose. 
  

	9.5	Dividend Policy 

  

	 	9.5.1	 Upon the expiry of March 31, 2021, in the event MSIIPL or SMIT (or their 

  
 -36- 

	 	
permitted transferees) is still a Shareholder, the Company and the Investor shall ensure that every Annual Business Plan adopted thereafter provides for, and is drafted with the objective, of
maximizing the dividend payout to the Shareholders. Such Annual Business Plan shall provide that all cash available with the Company after having accounted for Allowed Transactions approved by the Board, capital requirements (such cash availability
being determined after having achieved the Permitted Debt Ratio) taken by the Company for the organic capital expenditures and acquisitions as provided in the Annual Business Plan approved by the Board is distributed (subject to applicable Law) as
dividend to the Shareholders (“Dividend Policy”). Provided that: 

  

	 	(a)	the Dividend Policy shall not come into effect until April 1, 2022; 

  

	 	(b)	the Dividend Policy shall be adjusted to account for any requirements applicable to a real estate investment trust where the corporate structure of American Tower Corporation Inc. is revised (including any corporate
restructuring of its group entities) to receive allowed tax advantages of converting to a real estate investment trust; 

  

	 	(c)	the Dividend Policy shall not result in (i) the Company requiring Indebtedness for its expenditures under the Annual Business Plan, subject to achieving the Permitted Debt Ratio; (ii) the impairment of growth
of the Company; (iii) loss of investment opportunities for the Business; and (iv) unavailability of cash for undertaking ‘base transreceiver stations’ programs or initiatives and accretive acquisitions; and 

 

	 	(d)	if for the then Financial Year, the Default Annual Business Plan has been deemed approved, then the dividend shall be presented to the Board prior to distribution to the Shareholders. 

 

	10.	PRE-EMPTIVE RIGHTS OF SHAREHOLDERS 

  

	10.1	Pre-emptive Right of Shareholders 

  

	 	10.1.1	Other than any Excluded Securities, no further Securities shall be issued by the Company to any Person (whether a Shareholder or not) unless such Securities are first offered to all of the Shareholders as nearly as
possible in proportion to the Shareholding (considered on a Fully Diluted Basis) of each of the Shareholders on the date of the offer in accordance with this Clause 10. 

 

	 	10.1.2	Subject to the other provisions of this Agreement, in the event the Company is desirous of issuing any new Securities (including by way of a preferential issue but other than any Excluded Securities) (the
“Proposed Issuance”), the Company shall provide to each Shareholder (each, a “Pre-emptive Right Holder”) a pre-emptive right of subscription in the Proposed Issuance, on a pro rata basis, based on its
respective Shareholding in the Company prior to the Proposed Issuance (the “Pre-emptive Right”). 

  
 -37- 

	 	10.1.3	The Pre-emptive Right shall be offered by the Company by issuing a written notice to each Shareholder (the “Issuance Notice”) setting forth in detail the terms of the Proposed Issuance, including the
Proposed Issuance price, which shall not be less than the Per Share Fair Market Value (the “Issuance Price”), the date of closing of the Proposed Issuance (which shall not be fewer than sixty (60) days from the date of the
Issuance Notice) and the number of Securities proposed to be issued (the “Issuance Shares”). 

  

	10.2	Issuance to Third Parties 

  

	 	10.2.1	If any Pre-emptive Right Holder wishes to exercise its Pre-emptive Right, then such Pre-emptive Right Holder shall provide written notice to the Company within fifteen (15) days from the date of receipt of the
Issuance Notice stating (a) that it wishes to exercise the Pre-emptive Right and (b) the number of Equity Shares it proposes to subscribe to in the Proposed Issuance. To the extent that any Pre-emptive Right Holder does not wish to
exercise or fully exercise its right to subscribe for its full entitlement, the following shall apply: 

  

	 	(a)	The Pre-emptive Right Holder shall have the right to renounce its right to subscribe to its pro rata share in the Issuance Shares in favour of any of its Affiliates. 

 

	 	(b)	To the extent that any Pre-emptive Right Holder (along with its Affiliates) does not wish to exercise or fully exercise its right to subscribe for its full entitlement, the Pre-emptive Right Holder shall intimate the
Company and the other Pre-emptive Right Holders (each, an “Intimation”) about the same. Upon the receipt of an Intimation, each other Pre-emptive Rights Holder shall have the right to subscribe to any such unsubscribed portion of
the Issuance Shares in proportion to its Shareholding (considered on a Fully Diluted Basis) and for this purpose, the other Pre-emptive Right Holders shall intimate their intention to subscribe to such unsubscribed portion of the Issuance Shares
within seven (7) days of the receipt of an Intimation from the Company. 

  

	10.3	Within sixty (60) days from the date of the Issuance Notice (the “Issuance Period”), any Pre-emptive Right Holder wishing to exercise its Pre-emptive Right shall pay for and subscribe to such
number of the Issuance Shares as it wishes to subscribe to (subject to a maximum of such Pre-emptive Right Holder’s pro rata entitlement in such Proposed Issuance) at the Issuance Price and on the terms and conditions set out in the
Issuance Notice. If any regulatory approvals are required for such purchase and payment by the Pre-emptive Right Holder, the Issuance Period shall be extended by such further period as may be mutually agreed between the Company and the Pre-emptive
Right Holder (the “Extended Period”). Subject to the receipt of payment against exercise of the relevant Pre-emptive Right by the relevant Pre-emptive Right Holder, the Company shall issue and allot the Issuance Shares to the
relevant Pre-emptive Right Holder on the date of closing of the Proposed Issuance as stated in the Issuance Notice. 

  
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	10.4	To the extent that any Pre-emptive Right Holder fails to pay the Issuance Price after exercising its Pre-emptive Right, each other Pre-Emptive Right Holder shall have the right to subscribe to any such unsubscribed
Issuance Shares on a pro rata basis based on its respective shareholding in the Company within twenty (20) days from the expiry of the Issuance Period, or the Extended Period, as the case may be. 

 

	10.5	If (a)(i) a Pre-emptive Right Holder (along with its Affiliates), does not exercise its Pre-emptive Rights under Clause 10.2.1(b); or (ii) a Pre-emptive Right Holder (along with its Affiliates) fails to pay the
Company for the exercise of its Pre-emptive Rights within the applicable time period in Clause 10.3; and (b)(i) the other Pre-emptive Right Holders have not exercised the option under Clause 10.4 to subscribe to the unsubscribed Issuance Shares; or
(ii) under Clause 10.4, a Pre-emptive Right Holder exercises the right to subscribe to unsubscribed Issuance Shares and fails to pay the Company against such exercise (the events in (a) and (b) above, collectively, the
“Trigger Events”), then the Company may, within ninety (90) days from the occurrence of the last of the Trigger Events, issue and allot the unsubscribed Issuance Shares to a third party subscriber (“Third Party
Subscriber”) at a price not less than the Issuance Price mentioned in the Issuance Notice by providing notice to such Third Party Subscriber. Notwithstanding any provision herein to the contrary, such Issuance Price shall be no less than
the Per Share Fair Market Value. 

  

	10.6	If the Company decides to seek the investment for the Proposed Issuance from a Third Party Subscriber in accordance with this Clause 10, the Proposed Issuance shall be completed within ninety (90) days from the
occurrence of the last Trigger Event or by such other period as may be mutually agreed between the Parties for obtaining regulatory approvals, failing which the right of the Company to make the Proposed Issuance shall lapse and the provisions of
this Clause 10 shall once again apply to such Proposed Issuance. 

  

	10.7	The Parties agree that the issuance of Issuance Shares to (a) a Pre-emptive Right Holder’s Affiliate, or (b) a Third Party Subscriber, shall be valid only if the Affiliate or Third Party Subscriber
(x) is not a Competitor, and (y) has executed a Deed of Adherence in the form specified in Schedule 3 and a duly executed copy of such Deed of Adherence is placed before the Board prior to such issuance. 

 

	10.8	The Parties agree that the Investor shall have the right to require the Company to issue Equity Shares to the Investor pursuant to a Clawback Subscription and the provisions of this Clause 10 shall not apply to the
Clawback Subscription. 

  

	11.	TRANSFERS OF SHARES 

  

	11.1	Lock-In 

  

	 	11.1.1	 Notwithstanding anything contained in this Agreement, including, Clauses 11.5 and 11.6, the Investor shall not be entitled to Transfer any Securities
of the Company or any rights, entitlements or beneficial interest therein to any Third Party such that the Investor would own less than the Shareholding held by the 

  
 -39- 

	 	
Investor on the Completion Date immediately post Completion until the earlier of: (a) the expiry of the Macquarie Put Period; and (b) the Investor having purchased the entire Share
Capital held by TTSL,TSL, MSIIPL, SMIT and IDFCPE III (“Lock-In Period”). Further, during such Lock-in Period, as long as the Investor continues to be a special purpose company holding the Shares or Securities of the Company and
does not have any other material business activities or investments, there shall be no Transfer of equity interest in the Investor, if pursuant to such Transfer, the effective economic ownership of American Tower Corporation, directly or indirectly
through its subsidiaries, in the Company shall fall below 51%. Such restriction shall mutatis mutandis apply to any holding companies of the Investor which are also special purpose companies holding directly or indirectly through other intermediate
special purpose companies, shares or securities of the Investor and which do not have any other material business activities or investments (“Holding Companies”). For avoidance of doubt, the restrictions in this Clause 11.1.1 shall
not apply to (i) any primary investment in the Investor or any of its holding companies; or (ii) any Transfer of interest in any holding company which is not merely a special purpose vehicle for purposes of holding, directly or through
other intermediate special purpose company, the Shares of the Shares or Securities of the Company and has other material business activities or investments; or (iii) any direct or indirect holding company (even if a special purpose company) of
a holding company referred to in (ii) above. 

  

	 	11.1.2	Subject to the provisions of Clause 11.1.1 above, in the event that (i) the Investor undertakes any Transfer of Securities to a Third Party during the Lock-In Period over and above the Investor’s Shareholding
on the Completion Date; or (ii) American Tower Corporation or its Affiliates undertake any transaction or action during the Lock-In Period that has the effect of dilution or Transfer, whether directly or indirectly, of any Shareholding or any
beneficial interest of the Investor and/or its Affiliates in the Company that is over and above the Shareholding and beneficial interest held the Investor and its Affiliates in the Company as on the Completion Date immediately post Completion, the
Investor shall ensure that, 

  

	 	(a)	prior to the Transfer by the Investor to a Third Party transferee, the Third Party transferee shall execute a Deed of Adherence in the form specified in Schedule 3 and a duly executed copy of such Deed of Adherence
shall be placed before the Board; 

  

	 	(b)	in cases where there is a Transfer of securities in any of American Tower Corporation’s Affiliates or the Company for consideration in cash or cash equivalents, the Shareholders shall be given a right to exercise
their Tag Along Rights under Clause 11.7 with immediate effect through a sale of their Pro-rata Shares to such Third Party transferee in accordance with Clause 11.7 which shall mutatis mutandis apply to this Clause 11.1.2; 

  
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	 	(c)	the Investor shall not, and shall ensure that the Company does not, grant any rights to such Third Party that are more favourable than the rights of the Continuing Shareholders under this Agreement. 

 

	 	11.1.3	Notwithstanding anything contained in this Clause 11.1, the Investor shall ensure that American Tower Corporation shall, at all times, directly or indirectly through its subsidiaries, own at least fifty one percent
(51%) of the shareholding of the Investor and American Tower International Inc and directly or indirectly Controls the Investor and American Tower International Inc. 

 

	 	11.1.4	The Investor shall inform the Continuing Shareholders in writing of any change in shareholding of the Investor and/or of any Holding Company within 30 days of such change. 

 

	11.2	Restrictions on Transfers 

  

	 	11.2.1	No Shareholder shall Transfer or otherwise dispose of its Shares in the Company, except in accordance with and subject to the terms and conditions set forth in this Agreement and more particularly in this Clause 11. Any
Transfer in breach of this Agreement and/or the Charter Documents shall be null and void ab initio. 

  

	 	11.2.2	The Company hereby agrees and confirms that, to the extent permissible under applicable Law, it shall not record in its books any Transfer of, or any agreement or arrangement to Transfer, recognize or register any
equitable or other claim to, or any interest on, pay any dividend on or accord any right to vote with respect to, any Shares that have been transferred in any manner other than as permitted under this Agreement and the Charter Documents.

  

	 	11.2.3	The Parties agree that nothing contained in Clauses 11.3, 11.4, 11.5, .and 11.6 shall apply to inter se Transfers by a Shareholder to any of its Affiliates, provided that such Affiliate is not a Competitor. The
Transfer of Shares to such Affiliate shall be valid only if prior to such Transfer the relevant Affiliate has executed a Deed of Adherence in the form specified in Schedule 3 and a duly executed copy of such Deed of Adherence is placed before the
Board prior to such Transfer. For the purposes of this Clause 11.2.3, any inter se Transfers between TTSL and TSL, TOF, Tata Industries Limited, Tata Teleservices (Maharashtra) Limited and Tata Communications Limited, shall not be regarded as
a Transfer to a Competitor. 

  

	 	11.2.4	 Where any Party’s Affiliate is a Shareholder, (a) if at any point of time, any transaction is contemplated pursuant to which such Person
would, on successful completion of said transaction, cease to be an Affiliate of the Party or except in the case of the Investor, becomes a Competitor, then (as also provided in the Deed of Adherence in Schedule 3) prior to completion of said
transaction, the relevant Party and such Person shall forthwith take all necessary actions to ensure that the Shares are transferred by such Person back to the relevant Party or any other Affiliate of the relevant Party; and (b) such Affiliate
shall act together with the relevant Shareholder and each shall exercise its respective rights and powers in 

  
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the Company so as to give effect, and adhere to, and comply with, the terms of this Agreement; (c) each of (1) MSIIPL and SMIT, acting jointly, and (2) IDFCPE III shall exercise
its rights under this Agreement separately and shall not act in concert or enter into any agreement or understanding to act as a shareholder block for the purposes of this Agreement. 

 

	 	11.2.5	Each Shareholder shall have the right to receive information that it reasonably requests regarding any Third Party prospective purchaser of the Shares of the Company to confirm whether the prospective purchaser is in
violation of, or under investigation in relation to, Anti-Bribery Laws. 

  

	 	11.2.6	No Shareholder shall transfer any Shares of the Company if the prospective purchaser is listed in the published sanctions lists maintained by the Office of Foreign Assets Control of the United States Treasury
Department. 

  

	 	11.2.7	For the avoidance of doubt, (a) nothing contained in this Clause 11 limits or restricts any Restructuring of the Investor or any Affiliate of the Investor, provided such Restructuring does not otherwise diminish or
circumvent the rights of TTSL and TSL, MSIIPL and SMIT or IDFCPE III, in their reasonable opinion, and (b) except for Clause 11.2.3, Clause 11.2.4, and 11.2.6 nothing contained in this Clause 11 limits or restricts transfers between the
Investor and any Affiliate of the Investor. 

  

	 	11.2.8	Notwithstanding anything contained in this Agreement, no Party shall Transfer any Securities to a Competitor, other than a Transfer by a Shareholder in accordance with Clause 11.2.3. Provided that, any inter se
Transfers between TTSL and TSL, TOF, Tata Industries Limited, Tata Teleservices (Maharashtra) Limited and Tata Communications Limited, shall not be regarded as a Transfer to a Competitor. 

 

	 	11.2.9	Notwithstanding anything contained in this Agreement, the Investor agrees that MSIIPL and SMIT shall have the right, at all times, to Transfer any part of or the whole of their Shareholding in the Company on an
arm’s length basis to any Person, other than (i) a Competitor; or (ii) a Person, or a body corporate controlled by such Person or of which such Person is a senior management personnel, listed in the published sanctions lists
maintained by the Office of Foreign Assets Control of the United States Treasury Department. The Investor, MSIIPL and SMIT agree that, for the purposes of the Transfer under this Clause 11.2.9: 

 

	 	(a)	MSIIPL and SMIT shall provide a written notice to the Investor informing the Investor of any letter or intent, memorandum of understanding or any such arrangement entered into by MSIIPL and/or SMIT with a proposed
transferee for the sale of Shareholding in the Company, within 7 (seven) days of entering into such arrangement; 

  
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	 	(b)	MSIIPL and/ or SMIT shall provide a written notice to the Investor of any such Transfer, 45 (forty five) days prior to the completion of the Transfer; 

 

	 	(c)	MSIIPL and SMIT shall have the right to disclose information and conduct a reasonable due diligence (and that is customary in terms of scope and timelines) in respect of the Company that is reasonably necessary to
permit the proposed transferee to evaluate the business of the Company. 

 Provided that (i) such due diligence shall be
conducted not exceeding once every Financial Year and shall be at the cost of MSIIPL/SMIT and/or the transferee; and (ii) MSIIPL, SMIT and the Investor shall agree, in good faith, upon the measures for protecting the confidentiality of the
information prior to such dissemination; 
  

	 	(d)	All rights, as of the time of the transfer, available to MSIIPL and SMIT under this Agreement shall stand transferred to the transferee of MSIIPL’s and SMIT’s Shareholding upon the execution of a Deed of
Adherence, provided that in case of one or more Transfers of part of the Shareholding, MSIIPL and SMIT may transfer their rights under this Agreement to only one eligible transferee or purchaser in such Transfer. 

Provided that (i) the right of MSIIPL and SMIT under Clause 6 relating to the Affirmative Vote Matters listed in items 4, 5 and 12 of
Part A, shall not stand Transferred after June 30, 2019; and (ii) the Macquarie Put Option and Macquarie Call Option shall immediately cease to be available to the respective Parties, it being clarified that in such event the transferee
shall not have any right to require the Investor to purchase its Shareholding in the Company and the Investor shall not have any right to require the transferee to sell its Shareholding in the Company to the Investor. 

 

	 	11.2.10	Notwithstanding anything contained in this Agreement, the Investor agrees that in the event of a proposed Transfer by TTSL or TSL of any part of or the whole of their Shareholding in the Company to any Person in
accordance with this Agreement, TTSL and TSL shall have the right to disclose information and conduct a reasonable due diligence (and that is customary in terms of scope and timelines) in respect of the Company that is reasonably necessary to permit
the proposed transferee to evaluate the business of the Company. 

 Provided that (i) such due diligence shall be
conducted not exceeding once every Financial Year and shall be at the cost of TTSL/TSL and/or the transferee; and (ii) TTSL/TSL and the Investor shall agree, in good faith, upon the measures for protecting the confidentiality of the information
prior to such dissemination. 
  

	11.3	Right of First Offer on Exit by IDFCPE III 

  

	 	11.3.1	 Subject to the provisions of Clause 11.2, in the event IDFCPE III desires to 

  
 -43- 

	 	
Transfer all or part of the Shares then owned by it, then IDFCPE III shall issue a written notice (the “ROFO Notice”) to the Investor, TTSL and TSL informing them of its intent
to Transfer the Shares held by it and specifying the number of Shares proposed to be Transferred. Each of the Investor, TTSL and TSL (each, a “Minority Purchasing Shareholder”) shall have the right but not the obligation to, within
a period of thirty (30) Business Days from receipt of the ROFO Notice (the “Minority ROFO Period”) issue a written notice to IDFCPE III, offering to purchase all, but not less than all, of the Shares so offered in proportion to
its respective Shareholding (the “Minority ROFO Offer Notice”). The Minority ROFO Offer Notice shall set out the number of Shares and price at which the Minority Purchasing Shareholder is willing to purchase its entitlement of
Shares of IDFCPE III (the “Minority Option Price”). 

  

	 	11.3.2	If any Minority Purchasing Shareholder declines to purchase the applicable Shares by written notice to both IDFCPE III and the other Minority Purchasing Shareholder (the “Rejection Notice”), or fails to
provide the Minority ROFO Offer Notice prior to the termination of the Minority ROFO Period, then, the other Minority Purchasing Shareholder shall within a period of fifteen (15) Business Days from receipt of the Rejection Notice or the
termination of the Minority ROFO Period, as applicable, to send a written notice to IDFCPE III, revising its original offer (and without being bound in any manner by the original Minority Option Price offered) and either providing a revised offer to
purchase all, but not less than all, of the Shares so offered (the “Second Minority ROFO Offer Notice”). The Second Minority ROFO Offer Notice shall set forth the number of Shares and the proposed Minority Option Price of such
Minority Purchasing Shareholder. Failure by the other Minority Purchasing Shareholder to issue the Second Minority ROFO Offer Notice shall be deemed to be a refusal by such Shareholder to exercise its rights under this Clause 11.3 and the provisions
of Clause 11.3.4 shall apply to the sale of such Shares. 

  

	 	11.3.3	If IDFCPE III agrees to Transfer its Shares, it shall intimate each Minority Purchasing Shareholder, as applicable, of the same in writing within seven (7) Business Days of receipt of a Minority ROFO Offer Notice,
or the Second Minority ROFO Offer Notice, as the case may be. The applicable Minority Purchasing Shareholder and IDFCPE III shall complete the sale and purchase of the offered Shares as per Clause 11.9 below. 

 

	 	11.3.4	 If (a) each Minority Purchasing Shareholder either (i) fails to exercise its option under this Clause 11.3 or (ii) provides IDFCPE III
with a Rejection Notice or (iii) IDFCPE III is not willing to Transfer the Shares at the applicable Minority Option Price, then, subject to the terms of this Clause 11.3, at any time within ninety (90) Business Days from the date of
receipt of (a) a Rejection Notice, (b) a Minority ROFO Offer Notice or Second Minority ROFO Offer Notice (where IDFCPE III has not accepted the Minority Option Price) or (c) the expiration of the Minority ROFO Period or the Second
Minority ROFO Period, whichever is later, then IDFCPE III can Transfer the Shares, with all the rights available to them under the Definitive Agreements, to any Third Party (other than a Competitor); provided

  
 -44- 

	 	
however that (i) the sale shall be for a higher price and on other terms no more favourable to the Third Party than those offered by the Minority Purchasing Shareholders (if any such offer
has been made by any of the Minority Purchasing Shareholders); (ii) immediately upon and as a condition of the effectiveness of such Transfer, such Third Party shall assume and agree, by executing the Deed of Adherence, to carry out all the
obligations (including but not limited to the obligations under Clause 14 pertaining to the Call Option) of IDFCPE III or, if applicable, any Affiliate of IDFCPE III; and (iii) IDFCPE III provides each Minority Purchasing Shareholder a notice
no fewer than ten (10) Business Days prior to the proposed Transfer with the following information: (A) the number of Securities IDFCPE III owns (on a Fully Diluted Basis) prior to the proposed Transfer; (B) the number of Securities
proposed to be Transferred by IDFCPE III; (C) the proposed consideration amount and form of consideration; (D) the manner and time of payment of the consideration; (E) the proposed date of consummation of the proposed Transfer;
(F) to the extent possible, the identity of the Third Party; (G) the rights which are proposed to be granted/transferred to such Third Party; and (H) a representation that the Third Party stated herein has been informed of this right
of first offer. In the event that (a) IDFCPE III does not transfer to a Third Party within such period, and (b) subsequently desires to Transfer all or part of the Shares then owned by it, the process noted under this Section 11.5.2
shall be repeated. 

  

	 	11.3.5	It is clarified that nothing herein shall prejudice the rights of the Investor under Clause 14 in relation to the Call Option. It is further agreed that the Put Option Price or the Call Option Price in relation to the
exercise of an Option with respect to any Third Party that acquires Shares from IDFCPE III shall only be the Per Share Fair Market Value. 

  

	11.4	Right of First Offer on Exit by TTSL and TSL After the Expiry of the Second Put Period 

  

	 	11.4.1	 Subject to the provisions of Clause 11.2, in the event either TTSL or TSL desires to Transfer all or part of the Shares then owned by it (the
“Selling Tata Shareholder”), after the expiry of the Second Put Period, then the Selling Tata Shareholder shall issue a ROFO Notice to the Investor informing it of its intent to Transfer the Shares held by it and specifying the
number of Shares proposed to be Transferred, and a copy of such ROFO Notice shall be forwarded to each of MSIIPL, SMIT and IDFCPE III. The Investor shall have the right but not the obligation to, within a period of thirty (30) Business Days
from the ROFO Notice (the “Tata ROFO Period”), issue a written notice to the Selling Tata Shareholder, offering to purchase all but not less than all of the Shares so offered (the “Tata ROFO Offer Notice”). The Tata
ROFO Offer Notice shall set out the number of Shares and price at which the Investor is willing to purchase the Shares of the Selling Tata Shareholder (the “Tata Option Price”). Within seven (7) Business Days of the Tata ROFO
Offer Notice, if the Selling Tata Shareholder agrees to Transfer the Shares held by it at the Tata Option Price, then it shall inform the Investor of the same in writing. The Investor and the Selling Tata Shareholder

  
 -45- 

	 	
shall complete the sale and purchase of the offered Shares as per Clause 11.9 below. 

  

	 	11.4.2	If the Investor fails to exercise its option under this Clause 11.4 or if the Investor notifies the Selling Tata Shareholder that it has decided not to exercise such option or the Selling Tata Shareholder is not willing
to Transfer the Shares at the Tata Option Price, then, subject to the terms of this Clause 11.4, at any time within ninety (90) Business Days from the date of receipt of the notice of the Investor that it has decided not to exercise such option
or the Tata ROFO Offer Notice (where the Selling Tata Shareholder has not accepted the Tata Option Price) or the expiration of the Tata ROFO Period, whichever is earlier, the Selling Tata Shareholder can Transfer the Shares, with all the rights
available to them under the Definitive Agreements, to any Third Party (other than a Competitor); provided, however, that (i) the sale shall be for a higher price and on other terms no more favourable to the Third Party than those
offered by the Investor (if any such offer has been made by any of the Investor); (ii) immediately upon and as a condition of the effectiveness of such Transfer, such Third Party shall assume and agree, by executing the Deed of Adherence, to
carry out all the obligations (including but not limited to the obligations under Clause 14 pertaining to the Call Option) of the Selling Tata Shareholder or, if applicable, any Affiliate of the Selling Tata Shareholder; and (iii) the Selling
Tata Shareholder provides the Investor a notice no fewer than ten (10) Business Days prior to the proposed Transfer with the following information: (A) the number of Securities the Selling Tata Shareholder owns (on a Fully Diluted Basis)
prior to the proposed Transfer; (B) the number of Securities proposed to be Transferred by the Selling Tata Shareholder; (C) the proposed amount of consideration; (D) the manner and time of payment of the consideration; (E) the
proposed date of consummation of the proposed Transfer; (F) to the extent possible, the identity of the Third Party; (G) the rights that are proposed to be granted/transferred to such Third Party; and (H) a representation that the
Third Party stated herein has been informed of this right of first offer. In the event that (a) the Selling Tata Shareholder does not transfer to a Third Party within such period, and (b) subsequently desires to Transfer all or part of the
Shares then owned by it, the process noted under this Section 11.5.2 shall be repeated. 

  

	 	11.4.3	It is clarified that nothing herein shall prejudice the rights of the Investor under Clause 14 in relation to the Call Option. It is further agreed that the Put Option Price or the Call Option Price in relation to
exercise of an Option with respect to any Third Party that acquires Shares from a Selling Tata Shareholder shall only be the Per Share Fair Market Value. 

  

	11.5	Right of First Offer on Exit by Investor 

  

	 	11.5.1	 Subject to the provisions of Clause 11.2, in the event the Investor desires to Transfer all or part of the Shares then owned by it, then the Investor
shall issue a ROFO Notice to TTSL and TSL informing them of its intent to Transfer the Shares held by it and specifying the number of Shares proposed to be Transferred, 

  
 -46- 

	 	
and a copy of such ROFO Notice shall be forwarded to each of the MSIIPL, SMIT and IDFCPE III. TTSL and TSL shall have the right but not the obligation to, within a period of thirty
(30) Business Days from the ROFO Notice (the “Investor ROFO Period”), issue a written notice to the Investor, offering to purchase all, but not less than all, of the Shares so offered (the “Investor ROFO Offer
Notice”). The Investor ROFO Offer Notice shall set out the number of Shares and price at which TTSL and TSL are willing to purchase the Shares of the Investor (the “Investor Option Price”). Within seven (7) Business
Days of the Investor ROFO Offer Notice, if the Investor agrees to Transfer the Shares held by it at the Investor Option Price, then it shall inform the relevant Tatas of the same in writing. The Investor and the relevant Tatas shall complete the
sale and purchase of the offered Shares as per Clause 11.9 below. 

  

	 	11.5.2	If TTSL and TSL fail to exercise the option under this Clause 11.5 or if both TTSL and TSL notify the Investor that they have decided not to exercise such option or the Investor is not willing to Transfer the Shares at
the Investor Option Price, then, subject to the terms of this Clause 11.5, at any time within ninety (90) Business Days from the date of receipt of the notice of TTSL and TSL that they have decided not to exercise such option or the Investor
ROFO Offer Notice (where the Investor has not accepted the Investor Option Price) or the expiration of the Investor ROFO Period, whichever is earlier, the Investor can Transfer the Shares, with all the rights available to it under the Definitive
Agreements, to any Third Party (other than a Competitor); provided, however, that (i) the sale shall be for a higher price and on other terms no more favourable to the Third Party than those offered by TTSL and TSL;
(ii) immediately upon and as a condition of the effectiveness of such Transfer, such Third Party shall assume and agree, by executing the Deed of Adherence, to carry out all the obligations of the Investor or, if applicable, any Affiliate of
the Investor; and (iii) the Investor provides TTSL and TSL a notice no fewer than ten (10) Business Days prior to the proposed Transfer with the following information: (A) the number of Securities the Investors owns (on a Fully
Diluted Basis) prior to the proposed Transfer; (B) the number of Securities proposed to be Transferred by the Investor; (C) the proposed amount of consideration; (D) the manner and time of payment of the consideration; (E) the
proposed date of consummation of the proposed Transfer; (F) to the extent possible, the identity of the Third Party; (G) the rights that are proposed to be granted/transferred to such Third Party; and (H) a representation that the
Third Party stated herein has been informed of this right of first offer. In the event that (a) the Investor does not transfer to a Third Party within such period, and (b) subsequently desires to Transfer all or part of the Shares then
owned by it, the process noted under this Section 11.5.2 shall be repeated. 

  

	11.6	Right of First Refusal on Exit by TTSL or TSL 

  

	 	11.6.1	 Subject to the provisions of Clause 11.2, in the event the Tatas desires to Transfer all or part of the Shares then owned by them to any third party
(other than a Competitor) prior to the expiry of the Second Put Period, then the Tatas (the 

  
 -47- 

	 	
“Selling Existing Shareholder”) shall provide the Investor a right of first refusal to such Transfer as set out in this Clause 11.6. 

 

	 	11.6.2	If any of the Selling Existing Shareholders propose to Transfer any Shares, then, such Selling Existing Shareholders shall first give a written notice (hereinafter referred to as the “ROFR Offer
Notice”) to the Investor. The ROFR Offer Notice shall state (i) the number of Shares proposed to be Transferred (hereinafter referred to as the “Existing Shareholders Sale Shares”) and the number and class of Shares
the Selling Existing Shareholder owns at that time, (ii) the name and address of the proposed transferee (who cannot be a Competitor), (iii) the proposed price, including the proposed amount and form of consideration and material terms and
conditions offered by such proposed transferee, (iv) the date of consummation of the proposed Transfer. The total value of the consideration for the proposed Transfer is referred to herein as the “ROFR Offer Price”. Such notice
shall be accompanied by a true and complete copy of all documents, if any at that time, constituting the agreement up to such date between the Selling Existing Shareholder and the proposed transferee regarding the proposed Transfer.

  

	 	11.6.3	The Investor shall be entitled to respond to the Existing Shareholder ROFR Offer Notice by serving a written notice (the “ROFR Response Notice”) on the relevant Selling Existing Shareholder/(s) prior to
the expiry of 15 (fifteen) Business Days from the date of receipt of the ROFR Offer Notice (the “ROFR Offer Period “) confirming or declining the exercise of their right of first refusal over all, but not less than all of the
Existing Shareholders Sale Shares. In the event that the Investor decides to exercise its right of first refusal over all, but not less than all of the Existing Shareholders Sale Shares, the relevant Selling Existing Shareholder/(s) shall Transfer
Existing Shareholders Sale Shares to the Investor as mentioned in the ROFR Response Notice at the same price and on the same terms as are mentioned in the ROFR Offer Notice. If completion of the sale does not take place within thirty
(30) Business Days of the ROFR Offer Period (the “ROFR Completion Period”), then the Investor’s right of first refusal under Clause 11.6 shall stand suspended for a period of One Hundred Eighty (180) Business Days
commencing from the last day of the ROFR Completion Period. During this period of One Hundred Eighty (180) Business Days (the “Free Period”), the Selling Existing Shareholder shall be free to sell the Existing Shareholders Sale
Shares (not at a price lower than the ROFR Offer Price) to the proposed transferee mentioned in the ROFR Offer Notice. 

  

	 	11.6.4	 In the event the Investor does not deliver a ROFR Response Notice to the Selling Existing Shareholders prior to the expiry of the ROFR Offer Period,
then upon the expiry of the ROFR Offer Period, the Selling Existing Shareholder shall be entitled to Transfer the Selling Existing Shareholder Sale Shares to the proposed transferee mentioned in the ROFR Offer Notice on materially the same terms and
conditions and for the consideration no less than as is specified in the ROFR Offer Notice. Any transferee purchasing the Selling Existing Shareholder Sale Shares shall deliver to the Selling Existing Shareholders on or before the date of
consummation of the proposed Transfer, specified in the ROFR Offer Notice, 

  
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payment in full of the Offer Price in accordance with the terms set forth in the ROFR Offer Notice and any requisite transfer taxes. If completion of the sale and transfer to the proposed
transferee does not take place within the period of One Hundred Eighty (180) Business Days following the expiry of the ROFR Offer Period, the Selling Existing Shareholder’s right to sell the Selling Existing Shareholder Sale Shares to such
third party shall lapse and the provisions of Clause 11.6.3 shall once again apply to the Selling Existing Shareholder Sale Shares. 

  

	 	11.6.5	Where the Investor or the third party transferee requires prior legal, governmental, regulatory or shareholder consent for acquiring the Selling Existing Shareholder Sale Shares pursuant to this Agreement, then,
notwithstanding any other provision of this Agreement, that Person shall only be obliged to acquire the shares once such consent or approval is obtained, and the Parties shall use their reasonable endeavours to obtain any such required approvals.
Any period within which a Transfer of the Selling Existing Shareholder Sale Shares by the Selling Existing Shareholders has to be completed shall be extended by such further period as is necessary for the purpose of obtaining the above approvals.

  

	11.7	Tag Along Rights 

  

	 	11.7.1	Subject to Clause 11.1 and Clause 11.5, but without prejudice to the non-exercise of the right under Clause 11.5 by TTSL and TSL or non-acceptance by the Investor, and at any time after the Effective Date, if the
Investor is desirous of Transferring any or all of the Securities held by it to any Third Party or if the Investor receives any offer from any Third Party to purchase its Securities that it proposes to accept, then, the Investor shall issue a
written notice (the “Tag Along Offer Notice”) to TTSL and TSL and MSIIPL, SMIT and IDFCPE III of such proposed Transfer of Securities at least thirty (30) Business Days prior to the proposed Transfer. 

 

	 	11.7.2	The Tag Along Offer Notice shall state the following: (a) the number of Securities the Investor owns (on a Fully Diluted Basis) prior to the proposed Transfer; (b) the number of Securities proposed to be
Transferred by the Investor; (c) the proposed consideration, amount and form of consideration and other terms and conditions proposed by such Third Party (including basic representations and warranties and indemnities not to exceed the purchase
consideration related to such transfer to be given in connection with such Transfer); (d) the manner and time of payment of the consideration; (e) the proposed date of consummation of the proposed Transfer; (f) to the extent possible,
the identity of the Third Party; (g) the rights that are proposed to be granted/transferred to such Third Party; (h) a representation that the Third Party stated in the Tag Along Offer Notice has been informed of the Tag Along Right; and
(i) a representation that no consideration other than that set out in the Tag Along Offer Notice is being provided to the Investor. Such Tag Along Offer Notice shall be accompanied by true and complete copy of all agreements, if any, between
the Investor and the Third Party regarding the proposed Transfer. 

  
 -49- 

	 	11.7.3	Each of TTSL and TSL and MSIIPL, SMIT and IDFCPE III (the “Tag Along Shareholders”) may, on the receipt of a Tag Along Offer Notice, at its sole discretion, participate in such Transfer through a sale
of its Pro-rata Shares to the Third Party at a price and on the commercial terms and conditions (limited to title representations and warranties) that are offered by the Third Party to the Investor (the “Tag Along Right”). For the
purposes of this Clause 11.7.3, “Pro-rata Shares”, in relation to a Shareholder, shall mean such number of Shares held by such Shareholder as are in the ratio of (a) the shareholding percentage of the tagging shareholder;
divided by (b) the shareholding percentage of the Investor. For the purpose of calculating the Pro-rata Shares under this Clause 11.7.3, all fractions at or above  1⁄2 shall be treated as 1 and all fractions below  1⁄2 shall be ignored. In the event that, pursuant to such proposed
Transfer by the Investor to the Third Party, the Investor’s Shareholding will fall below fifty percent (50%) (on a Fully Diluted Basis), or the Investor will lose Control of the Company, then each Tag Along Shareholders shall have the
right to exercise its Tag Along Right with respect to its entire Shareholding to the Third Party. 

  

	 	11.7.4	If any of the Tag Along Shareholders intends to exercise its Tag Along Right, it shall send a notice (the “Tag Along Acceptance Notice”) within twenty (20) Business Days of receipt of the Tag Along
Offer Notice, inter alia, requiring the Investor to ensure that the Third Party also purchases the Pro-rata Shares, or such number of Securities with respect to which the Tag Along Shareholders have the right to exercise the Tag Along Right
under Clause 11.7.5, offered by the Tag Along Shareholder (whether directly or indirectly) as are specified in the Tag Along Acceptance Notice (the “Tag Along Shares”) on the same commercial terms and conditions (being the price,
title representations and warranties and indemnities for title representations) that are offered to the Investor, as mentioned in the Tag Along Offer Notice. The election of each Tag Along Shareholder set forth in a Tag Along Offer Notice shall be
irrevocable, and, to the extent the offer in the Tag Along Offer Notice is accepted, such Tag Along Shareholder shall be bound and obligated to consummate the Transfer on the terms and conditions set forth in this Clause 11.7. 

 

	 	11.7.5	It is expressly clarified that the Investor shall not transfer any of its Securities to the Third Party, unless such Third Party also simultaneously acquires the Tag Along Shares tendered by the Tag Along Shareholders
and if the Third Party does not wish to purchase any Securities in excess of the Securities proposed to be sold by the Investor, the number of Securities to be sold by the Investor to the Third Party shall stand reduced by the number of Tag Along
Shares. 

  

	 	11.7.6	The Tag Along Shareholders will not be required to provide any representations, covenants or undertakings, grant any indemnifications, or incur any obligations to the Third Party except representations pertaining to the
title to their shareholding and no Encumbrance in relation to their shareholding and due authority and capacity to hold and Transfer its Shares and reasonable indemnifications supporting such representations and warranties. 

  
 -50- 

	 	11.7.7	If the Tag Along Shareholders fail to issue the Tag Along Acceptance Notice within the time period specified in Clause 11.7.4 above, the Tag Along Right shall lapse and the Investor shall be entitled to complete its
transfer to the Third Party, on the same terms and conditions and for the same consideration as is specified in the Tag Along Offer Notice, within a period of ninety (90) Business Days from the date of the Tag Along Offer Notice or from
intimation by the Tag Along Shareholders of their refusal to exercise their Tag Along Right, whichever is earlier. If any regulatory approvals are required for exercise of such Tag Along Right, the said ninety (90) Business Day period shall be
extended by such further period as may be reasonably required for obtaining such approvals (the “Extended Tag Period”). If the Investor does not complete the Transfer under this Clause 11.6 within this ninety (90) Business Day
period or the Extended Tag Period, the process set out in this Clause 7 shall again be followed for any Transfers of the Shares held by the Investor. 

  

	 	11.7.8	Subject to Clause 11.7.6, each Tag Along Shareholder shall take all actions as may be reasonably necessary to consummate the Transfer, including, without limitation, entering into agreements and delivering certificates
and instruments, if applicable, in each case, consistent with the agreements being entered into and the certificates and instruments being delivered by the Investor. 

 

	 	11.7.9	The fees and expenses incurred in connection with a Tag Along Sale and for the benefit of all Tag Along Shareholders, to the extent not paid or reimbursed by the Company or the prospective transferee, shall be borne by
each of the participating Tag Along Shareholders on a pro rata basis, based on the aggregate consideration received by each such Shareholder. 

  

	 	11.7.10	Any sale and purchase of Securities contemplated in this Clause 11.7 shall be completed in accordance with Clause 11.9 below. 

  

	 	11.7.11	Notwithstanding anything contained in this Agreement, the price offered and paid by the transferee to the Investor and the Tag Along Shareholders, if any, shall not be taken into consideration while determining the Put
Option Price or the Call Option Price under this Agreement. 

  

	11.8	Drag Along Right 

  

	 	11.8.1	Subject to Clauses 11.1 and 11.5 and without prejudice to the non-exercise of the right under Clause 11.5 by TTSL or TSL or non-acceptance by the Investor or without prejudice to the non-exercise of the Tag Along Right
by the Tag Along Shareholders, if the Investor, in one transaction or in a series of related transactions, is desirous of Transferring all of its Securities that together constitute a majority of all Shares to any Third Party that it proposes to
accept (a “Drag Along Sale”), then, the Investor shall issue a written notice (the “Drag Along Notice”) to TTSL and TSL and MSIIPL, SMIT and IDFCPE III of such proposed Transfer of Securities at least sixty
(60) Business Days prior to the proposed Transfer. 

  
 -51- 

	 	11.8.2	The Drag Along Notice shall state the following: (a) the number of Securities the Investor owns (on a Fully Diluted Basis) prior to the proposed Transfer; (b) the number of Securities proposed to be
Transferred by the Investor; (c) the proposed consideration, amount and form of consideration, subject to Clause 11.8.4; (d) the manner and time of payment of the consideration; (e) the proposed date of consummation of the proposed
Transfer; (f) to the extent possible, the identity of the Third Party; (g) the key terms and conditions on which the agreement(s) are being entered into by the Investor with such Third Party; (h) the rights that are proposed to be
granted/transferred to such Third Party; (i) a representation that the Third Party stated herein the Drag Along Notice has been informed of the Drag Along Right; and (j) a representation that no consideration other than that set out in the
Drag Along Notice is being provided to the Investor. 

  

	 	11.8.3	The Investor shall have the right, after delivering the Drag Along Notice in accordance with 11.8.1 and subject to compliance with 11.9, to require that each of TTSL and TSL and MSIIPL, SMIT and IDFCPE III (the
“Drag Along Shareholders”) to participate in such Drag Along Sale at the same price and on the same terms and conditions (subject to Clause 11.8.4) as offered by the Third Party to the Investor (the “Drag Along
Right”), such that the entire remaining Shareholding (and not less than the entire remaining Shareholding) of the Drag Along Shareholders shall be sold to the Third Party. 

 

	 	11.8.4	In the event the Drag Along Notice is issued prior to the expiry of the Second Call Period, the consideration payable to the Drag Along Shareholders by the Third Party for each Share held by the Drag Along Shareholder
shall be the higher of: (i) the per Share price offered by the Third Party to the Investor; and (ii) the Call Option Price. In the event the Drag Along Notice is issued after the expiry of the Second Call Period, the consideration payable
to the Drag Along Shareholders by the Third Party shall be the higher of: (i) the price offered by the Third Party to the Investor; and (ii) the product of the Shares held by Shareholder and the Per Share Fair Market Value. Provided that
the Investor shall not receive any amount in addition to the per share price payable by the Third Party to the Investor and the Drag Along Shareholders. 

  

	 	11.8.5	The Drag Along Shareholder will not be required to provide any representations, covenants or undertakings, grant any indemnifications, or incur any obligations to the Third Party other than providing basic
representations and warranties on title and due authority and capacity to hold and Transfer its Shares and reasonable indemnifications supporting such representations and warranties. 

 

	 	11.8.6	Subject to Clause 11.8.5, each Drag Along Shareholders shall take all actions as may be reasonably necessary to consummate the Transfer, including, without limitation, entering into agreements and delivering
certificates and instruments (including stock certificates evidencing the applicable Shares, duly endorsed in blank or accompanied by stock powers or other instruments of transfer duly executed in blank), in each case, consistent with the agreements
being entered into and the certificates and instruments being delivered by the Investor. 

  
 -52- 

	 	11.8.7	The fees and expenses of incurred in connection with a Drag Along Sale shall be borne by each selling Shareholder on a pro rata basis, based on the aggregate consideration received by each such Shareholder.

  

	 	11.8.8	Any sale and purchase of Securities contemplated in this Clause 11.8 shall be completed in accordance with Clause 11.9 below. 

  

	11.9	Transfer Procedures 

  

	 	11.9.1	The following principles shall apply to Transfer of Shares contemplated by this Clause 11: 

  

	 	11.9.2	All Transfers under Clause 11 shall be (a) consummated pursuant to the relevant provisions of applicable Law, and (b) undertaken in return for cash consideration (other than restructurings effected by
means of merger, amalgamation, etc.). 

  

	 	11.9.3	The closing of any Transfer shall occur at such place, time and on such date as the seller and purchaser may mutually agree. At the closing of such Transfer, (a) the purchasing Shareholder shall pay the stipulated
price; and (b) the selling Shareholder shall deliver (i) in case of physical shares, the share certificates evidencing the Shares transferred, and in case of dematerialised shares, a copy of the delivery instruction slips from the selling
Shareholder to its depository participant; (ii) a written representation and warranty (or other provision of similar effect) that the selling Shareholder is, as of such closing, and the purchaser shall, upon such closing, be, the sole
beneficial owner of such Shares with good title thereto, free and clear of all Encumbrances. 

  

	 	11.9.4	If the purchaser or the selling Shareholder, as the case may be, does not elect to exercise its rights under any of Clause 11 for any reason, this Agreement shall continue in full force and effect.

  

	 	11.9.5	The Parties shall co-operate fully in order to consummate any Transfer undertaken in accordance with the terms of this Clause 11.9 and such cooperation shall include the use of best efforts to obtain any approvals of
Governmental Authorities or other Persons that may be required for the closing of such Transfer. 

  

	11.10	Change in Control of the Investor / TTSL 

  

	 	11.10.1	In the event of a direct or indirect change in Control of the Investor or American Tower International, Inc., then TTSL, TSL, MSIIPL, SMIT and IDFCPE III shall, for a period of one hundred and eighty (180) days
from being intimated of such change (the “COC Put Period”), be entitled to require the Investor to purchase their entire Shareholding in the Company (the “COC Put Option”) at a per Share price equal to the Put
Option Price. All provisions of Clause 12 below shall apply mutatis mutandis to the COC Put Option (except that, notwithstanding Clause 12.1, such Put Option shall be immediately exercisable by delivery of a Put Option Exercise Notice).

  
 -53- 

	 	11.10.2	The Investor agrees and undertakes that it shall intimate TTSL, TSL, MSIIPL, SMIT and IDFCPE III, to the extent the information is publicly available but subject to any legal, statutory and contractual restrictions
applicable to the Investor or its Affiliates, of any actions that may result in an event of change of Control with respect to the Investor or American Tower International, Inc., within fifteen (15) Business Days of such actions coming to the
knowledge of the Investor. 

  

	 	11.10.3	The Investor undertakes that the change in Control shall not in any manner affect the Investor’s obligation to discharge the COC Put Option or the Put Option and/or affect American Tower International Inc.’s
obligations under the Shareholders Agreement Put Obligation Performance Guarantee. 

  

	 	11.10.4	In the event of a change in Control of TTSL, the Investor shall, for a period of ninety (90) days following receiving notice of the same, be entitled to require TTSL and TSL to sell their entire Shareholding (and
not less than the entire Shareholding) in the Company (the “COC Call Option”) at a per Share price equal to the Call Option Price. All other provisions of Clause 14 below shall apply mutatis mutandis to the COC Call Option
(except that, notwithstanding Clause 14.1, such Call Option shall be immediately exercisable by delivery of a Call Option Exercise Notice during such ninety (90) day period). For the avoidance of doubt it is clarified that this Clause 11.10.4
shall not apply to (i) inter-se Transfers of Shareholding amongst Affiliates of TTSL and TSL; (ii) TOF, in the event any Shares are transferred by TTSL and/ or TSL to TOF; and (iii) Docomo ceasing to be a shareholder of TTSL or
termination of any or all rights of Docomo in TTSL. 

  

	12.	PUT OPTION 

  

	12.1	The Parties agree that, 

  

	 	(a)	at any time during the First Put Period each of TTSL and TSL shall have the right to require the Investor to, and the Investor shall be obliged to (either itself or through its Affiliates), purchase up to fifty percent
(50%) of the Shares then held by the Tatas in the Company, 

  

	 	(b)	at any time during the Second Put Period, each of TTSL and TSL shall have the right to require the Investor to, and the Investor shall be obliged to (either itself or through its Affiliates), purchase up to hundred
percent (100%) of the Shares then held by the Tatas in the Company; and 

  

	 	(c)	at any time during the First Put Period and/or the Second Put Period, IDFCPE III shall have the right to require the Investor to, and the Investor shall be obliged to (either itself or through its Affiliates) purchase
either (i) 50% (fifty percent) of the entire Shareholding; or (ii) the entire Shareholding (and not less than the entire Shareholding), of IDFCPE III; 

(each, a “Put Option”): 

  
 -54- 

	 	in each case, at a per Share price equal to the Put Option Price, by a issuing a notice in writing to the Investor, exercising its rights under this Clause 12 (the “Put Option Exercise Notice”).

  

	12.2	In the event that the Shareholding of Tatas is less than fifteen percent (15%) (on a Fully Diluted Basis) pursuant to a fresh issue of Securities by the Company, then, at any time on and for a period of ninety
(90) days from the date on which the Board passes a resolution calling a General Meeting for approving the issuance of Securities by the Company, TTSL and TSL shall be entitled, by issuing a Put Option Exercise Notice , to require the Investor
to, and the Investor shall be obliged to, purchase the entire Shareholding of TTSL and TSL for the Put Option Consideration (also a “Put Option”). 

 

	12.3	In the event that the Shareholding of the Investor (together with its Affiliates) is above seventy four percent (74%) of the entire share capital of the Company (calculated on a Fully Diluted Basis), at any time,
then each Continuing Shareholder shall be entitled to, at its sole discretion, by issuing a Put Option Exercise Notice within ninety (90) days of such Continuing Shareholder becoming aware of the Investor’s Shareholding crossing seventy
four percent (74%), to require the Investor to, and the Investor shall be obliged to, purchase the entire Shareholding of such Shareholder for the Put Option Consideration (also a “Put Option”). 

 

	12.4	Each Put Option Exercise Notice sent by a Shareholder exercising its Put Option (a “Put Option Seller”) shall specify: (i) the Shares with respect to which the Put Option is exercised (the
“Put Option Shares”) and (ii) the date for completion of the sale and purchase of the Put Option Shares (the “Put Option Completion Date”), which shall (except if any regulatory approvals are required for such
completion) be no more than thirty (30) Business Days and no fewer than fourteen (14) Business Days from the determination of the Fair Market Value in accordance with Schedule 6. 

 

	12.5	A Put Option Exercise Notice served under this Clause 12 shall constitute a legally binding contract between the Investor and the Put Option Seller, for the sale and purchase of the Put Option Shares, free from any
Encumbrance and with all rights attached thereto. 

  

	12.6	 The closing of any purchase of the Put Option Shares shall be held at the registered office of the Company on the Put Option Completion Date or at
such other place as the parties to the transaction may agree in writing. The Put Option Consideration shall become due and payable on the Put Option Completion Date (subject to any extension to the extent necessary to obtain any required government
or third party approvals that are required with respect to the transfer of the Put Option Shares; provided, however, that all of the parties to the transaction shall use their commercially reasonable efforts to obtain such approvals in
a timely manner) and the Investor shall pay such Put Option Consideration as and when it becomes due and the Put Option Seller shall deliver any certificates representing the Put Option Shares, accompanied by duly executed share transfer forms in
favour of the Investor in case of physical shares, and deliver instruction slips for the transfer of Shares to its depository participant in case of dematerialised shares. The Put Option Seller will not be required to provide any representation,
covenants or undertakings, grant any indemnifications, or incur any obligations to the Investor other 

  
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than provide a representation on the clear title of their respective Put Option Shares and due authority and capacity to hold and Transfer its Put Option Shares. At such closing, all of the
parties to the transaction shall execute such additional documents as may be necessary or appropriate to effect the sale of the Put Option Shares to the Investor, or any Affiliate of the Investor, as the case may be. Any stamp duty or transfer taxes
or fees payable on the transfer of the Put Option Shares shall be borne and paid by the Investor. 

  

	12.7	The Parties agree and acknowledge that the Investor, which shall discharge its obligation to pay the Put Option Consideration only by way of cash, may, subject to no prejudice being caused in any manner to the rights of
the Continuing Shareholders under Clause 12, choose to fund this cash obligation to ensure payment at the Put Option Completion Date, by means of an equity offering of the listed shares of American Tower Corporation. 

 

	12.8	The Company shall, on the Put Option Completion Date, register the Transfer of the Put Option Shares in favour of the Investor or its Affiliate only upon the following documents being presented to it: 

 

	 	12.8.1	Share certificates evidencing the title to the Put Option Shares; and 

  

	 	12.8.2	Duly executed, stamped and valid instruments of Transfer. 

  

	12.9	If any provision contained in this Clause 12 shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this
Clause 12, but this Clause 12 shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. It is the intention of the Parties that if any of the provisions contained in this Clause 12 is held to be not
permitted by applicable Law, or to any extent invalid, Parties shall seek, in good faith, to give effect to the commercial intent of the Parties within the parameters of applicable Law. Each of the Parties acknowledges that the other Parties would
be irreparably harmed by any breach of this Clause 12 and that there would be no adequate remedy at Law or in damages to compensate the other Parties for any such breach, and agrees that the other Parties shall be entitled to injunctive relief
requiring specific performance by each of them under this Clause 12, and hereby consents to the entry thereof. 

  

	13.	MACQUARIE PUT/CALL OPTION & IDFC EXIT 

  

	13.1	The Parties agree that, at any time during the Macquarie Put Period, MSIIPL and SMIT shall have the right to require the Investor to, and the Investor shall be obliged to (either itself or through its Affiliates),
purchase the entire (and not less than the entire) Shareholding of MSIIPL and SMIT in the Company (“Macquarie Put Option”), at the Per Share Fair Market Value, by a issuing a Put Option Exercise Notice. Clauses 12.4 to 12.9 shall
apply mutatis mutandis to the Macquarie Put Option. 

  

	13.2	 The Parties agree that, at any time during a period commencing on April 1, 2020 and ending on March 31, 2021, the Investor shall have the
right to require MSIIPL and SMIT, and MSIIPL and SMIT shall be obliged, to sell the entire (and not less than the entire) Shareholding of MSIIPL and SMIT in the Company to the Investor or its Affiliates

  
 -56- 

 
(“Macquarie Call Option”), at the Per Share Fair Market Value, by a issuing a Call Option Exercise Notice. Clauses 14.2 to 14.6 shall apply mutatis mutandis to the
Macquarie Call Option. 
  

	13.3	IDFC Accelerated Put 

 The Parties agree that if at any time prior to the actual
transfer of shares by IDFCPE III to the Investor (including during the period after exercise of a Put Option by IDFCPE III but prior to the final settlement of such Put Option), either MSIIPL or SMIT transfer the Shares held by them to the Investor
the Investor shall within 3 (three) Business Days issue a written notice (“IDFC Exit Notice”) to IDFCPE III intimating it of the proposed Transfer of MSIIPL’s and SMIT’s Shareholding to the Investor. IDFCPE III shall be
entitled to, notwithstanding anything contained in the agreement/ arrangement that may be entered into between the Investor and IDFCPE III in relation to the Put Option of IDFCPE III, within fifteen (15) Business Days of receipt of the IDFC
Exit Notice, by issuing a written notice to require the Investor to, and the Investor shall be obliged to, purchase the entire Shareholding of IDFCPE III on the same terms and conditions (including the per Share price) as applicable to MSIIPL and
SMIT (also a “Accelerated Put Option”). The Parties further agree that the purchase of Shares by the Investor from IDFCPE III pursuant to this Clause 13.3 shall be on the same terms and conditions as the purchase of Shares by the
Investor from MSIIPL and SMIT pursuant to this Clause 13.1 above and the completion of the Transfer of IDFCPE III’s Shareholding to the Investor shall occur simultaneously with the completion of the Transfer of MSIIPL’s and SMIT’s
Shareholding to the Investor. 
  

	14.	CALL OPTION 

  

	14.1	The Parties agree that: 

  

	 	(a)	at any time during the First Call Period or the Second Call Period, the Investor shall have the right to require TTSL and TSL to sell all, but not less than all, of such Shareholder’s Shareholding to the Investor
or its Affiliates; and 

  

	 	(b)	at any time during the First Call Period or the Second Call Period, the Investor shall have the right to require IDFCPE III to sell all, but not less than all, of its Shareholding to the Investor or its Affiliates;

 (each, a “Call Option”), at a per Share price equal to the Call Option Price, by a notice in writing (each,
a “Call Option Exercise Notice”). 
 Provided that if any of TTSL, TSL or IDFCPE III have exercised the Put Option in
accordance with Clause 12, and such Put Option cannot be completed due to any restrictions under applicable Law, the Investor shall be obliged to immediately exercise its Call Option and ensure that it purchases the Shareholding of TTSL, TSL or
IDFCPEII (as the case may be) in accordance with this Clause 14 and applicable Law. 
  

	14.2	 Each Call Option Exercise Notice sent by the Investor to a Shareholder (a “Call Option Seller”) shall specify: (i) the Shares
with respect to which the Call Option is exercised 

  
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(the “Call Option Shares”); (ii) the Call Option Price; and (iii) the date for completion of the sale and purchase of the Call Option Shares (the “Call Option
Completion Date”), which shall (except if any regulatory approvals are required for such completion) be no more than thirty (30) Business Days and no fewer than fourteen (14) Business Days from the date of delivery of the Call
Option Exercise Notice. 

  

	14.3	A Call Option Exercise Notice served under this Clause 14 shall constitute a legally binding contract between the Investor and the Call Option Seller, for the sale and purchase of the Call Option Shares, free from any
Encumbrance and with all rights attached thereto. 

  

	14.4	The closing of any purchase of the Call Option Shares shall be held at the registered office of the Company on the Call Option Completion Date or at such other place as the parties to the transaction may agree in
writing. The Call Option Consideration shall become due and payable on the Call Option Completion Date (subject to any extension to the extent necessary to obtain any required government or third party approvals that are required with respect to the
transfer of the Call Option Shares; provided, however, that all of the parties to the transaction shall use their commercially reasonable efforts to obtain such approvals in a timely manner) and the Investor shall pay such Call Option
Consideration as and when it becomes due and the Call Option Seller shall deliver any certificates representing the Call Option Shares, accompanied by duly executed share transfer forms in favour of the Investor in case of physical shares, and
deliver instruction slips for the transfer of Shares to its depository participant in case of dematerialised shares. At such closing, all of the parties to the transaction shall execute such additional documents as may be necessary or appropriate to
effect the sale of the Call Option Shares to the Investor or its Affiliates. Any stamp duty or transfer taxes or fees payable on the transfer of the Call Option Shares shall be borne and paid by the Investor. 

 

	14.5	The Company shall, on the Call Option Completion Date, register the Transfer of the Call Option Shares in favour of the Investor or its Affiliates only upon the following documents being presented to it:

  

	 	14.5.1	Share certificates evidencing the title to the Call Option Shares; and 

  

	 	14.5.2	Duly executed, stamped and valid instruments of Transfer. 

  

	14.6	The Investor shall be responsible for obtaining all corporate and statutory approvals as required for consummating the Call Option except in such instances where such approval is required by Law required to be obtained
by the Call Option Seller. 

  

	15.	EXIT OPTION - QUALIFIED IPO 

  

	15.1	Qualified IPO 

  

	 	15.1.1	 In the event the Investor fails to honour a Put Option, Macquarie Put Option or COC Put Option exercised by any of TTSL, TSL, MSIIPL, SMIT or IDFCPE
III, and such failure is not immediately rectified by American Tower Corporation under the Shareholders Agreement Put Obligation Performance Guarantee, TTSL 

  
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and TSL or any of MSIIPL, SMIT or IDFCPE III shall be entitled to cause the Investor and the Company to, and the Investor and the Company shall be obligated to, immediately undertake a Qualified
IPO of the Company. The Qualified IPO shall be conducted and completed such that: 

  

	 	(a)	the Company shall bear and pay all expenses incurred in connection with a Qualified IPO on account of the Investor, including but not limited to all registration, filing and qualification fees, and printers, legal and
accounting fees and disbursements, and the Investor shall be liable to immediately reimburse the Company for all such expenses incurred. Further, in the event any of the Continuing Shareholders are required to pay any amounts, or incur any expenses,
in relation to the Qualified IPO, due to applicable Law or any reason whatsoever, the Investor or the Company shall reimburse the Continuing Shareholders for all such expenses incurred/ payments made in full; 

 

	 	(b)	all of the Equity Shares of the Company are duly listed and approved for trading on a Recognized Stock Exchange; 

  

	 	(c)	in connection with a Qualified IPO, each of TTSL and TSL and MSIIPL, SMIT and IDFCPE III shall be entitled to offer up to its entire Shareholding, first in priority over the Shareholding of the Investor, but in
proportion of their Shareholding as between themselves that is excluding the Investor’s Shareholding, for sale as part of the offer for sale component of the Qualified IPO; 

 

	 	(d)	if required by TTSL and TSL and MSIIPL, SMIT and IDFCPE III, the Investor shall offer such number of its Shares in the Qualified IPO as may be required to undertake a Qualified IPO. 

 

	 	15.1.2	 To the extent permissible under applicable Laws, the Investor undertakes and agrees that none of TTSL and TSL or MSIIPL, SMIT and IDFCPE III shall be
named or deemed as a ‘promoter’ of the Company in the prospectus or any other documents related to a public offering or otherwise and nor shall any declaration be made to this effect. None of the obligations of the ‘promoters’
shall be applicable to TTSL and TSL or MSIIPL, SMIT and IDFCPE III and TTSL and TSL and MSIIPL, SMIT and IDFCPE III shall not be required to offer or make available their Shares for the purposes of any mandatory lock-in as applicable to
‘promoters’ under the SEBI Regulations. In the event any body or regulatory authority takes a view or draws an inference that any of TTSL and TSL or MSIIPL, SMIT and IDFCPE III is a promoter, the Investor shall cooperate to make such
representations and make full disclosures to such body or authority as may be required to dispel or correct such inference or view. If any of TTSL and TSL or MSIIPL, SMIT and IDFCPE III is treated as a ‘promoter’ pursuant to any applicable
Law and any minimum percentage of promoter Shareholding in the Company is required to be locked-in, the Investor shall offer or make available such number of Equity Shares held by it which would be sufficient to satisfy the

  
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aforesaid minimum lock-in requirement. Further, all such obligations relating to a ‘promoter’ shall be satisfied and met solely by the Investor. 

 

	 	15.1.3	The Company and the Investor undertake to: (i) ensure compliance with all applicable Laws in relation to any Qualified IPO; and (ii) obtain all necessary consents and approvals required for a Qualified IPO.

  

	 	15.1.4	In the event that the per Share price received by each of TTSL, TSL, MSIIPL, SMIT and IDFCPE III for the Shares sold by such Parties through the Qualified IPO is less than the Put Option Price, then the Investor shall
pay to such Party an amount equal to such shortfall in respect of each Share sold by such Party in the Qualified IPO. 

  

	15.2	Drag Right and Trade Sale 

  

	 	15.2.1	In the event the Investor fails to honour a Put Option, Macquarie Put Option or a COC Put Option exercised by any of TTSL, TSL, MSIIPL, SMIT or IDFCPE III, and such failure is not timely rectified by ATII or American
Tower Corporation under the Shareholders Agreement Put Obligation Performance Guarantees, then TTSL and TSL shall be entitled to, in their sole discretion, exercise any or all of the rights set out below: 

 

	 	(a)	Drag Along: TTSL and/ or TSL shall be entitled to negotiate a sale of any or all Securities of the Company to an unrelated Third Party as TTSL and/ or TSL may deem fit, at a price negotiated by TTSL
and/ or TSL with such Third Party (the “Drag Price”). TTSL and/ or TSL may require by notice in writing (the “Drag Notice”): 

  

	 	(i)	the Investor (or its Affiliates) to sell up to its entire Shareholding to such Third Party at the Drag Price; and/or 

  

	 	(ii)	each of MSIIPL, SMIT and IDFCPE III (or its respective Affiliates) to sell its entire Shareholding to such Third Party at the Drag Price; 

The Transfer of Shares and the payment of the Drag Price under this Clause 15.2.1(a) shall occur simultaneously and within a period of sixty
(60) Business Days from the date of the Drag Notice, in accordance with Clause11.9. The issuance of a Drag Notice shall constitute a binding obligation of the Investor and the MSIIPL, SMIT or IDFCPE III, as the case may be, to Transfer its
Shares to the Third Party. In the event a Drag Notice is issued, the Parties undertake that they shall perform all necessary actions, including passing appropriate resolutions as may be required in accordance with applicable Law, in order to
facilitate the Transfer of Shares to the Third Party. The parties to the transaction shall complete the sale and purchase of the offered Shares as per Clause 11.9 above. 
  

	 	(b)	 Trade Sale: TTSL and/ or TSL shall be entitled to negotiate a sale of the Business of the Company in favour of any Third Party as
TTSL and/ or 

  
 -60- 

	 	
TSL may deem fit, at a price negotiated by TTSL and/or TSL with such Third Party. Promptly, upon finalisation of the sale of the Business, TTSL and/or TSL shall provide a notice in writing to the
Shareholders of the Company containing the detail of the Third Party, the price of sale of the Business, and the time period within which the sale is proposed to be completed. The Parties undertake that they shall perform all necessary actions,
including passing appropriate resolutions as may be required in accordance with applicable Law, in order to facilitate the sale of the Business by the Company to the Third Party. 

 

	 	15.2.2	Notwithstanding anything contained in Clause 15.2.1 above, in the event of any sale of Shares proposed to be undertaken under Clause 15.2.1, TTSL and/ or TSL shall inform MSIIPL, SMIT and IDFCPE III of the negotiation
of the sale by a notice in writing specifying the name of the Third Party and the Drag Price (the “Negotiation Notice”). Upon receipt of the Negotiation Notice, each of MSIIPL, SMIT and IDFCPE III shall have the right to require
TTSL and TSL to procure the Third Party to purchase any Securities held by MSIIPL, SMIT or IDFCPE III, as the case may be, on the same commercial terms and conditions offered to TTSL and TSL (the “Default Tag Right”). All other
provisions of Clause 11.7 above shall apply mutatis mutandis to the Default Tag Right and the Negotiation Notice shall be deemed to constitute a Tag Along Offer Notice under Clause 11.7. In the event a Drag Notice is given by TTSL and/ or TSL
to MSIIPL, SMIT and IDFCPE III, the rights of MSIIPL, SMIT or IDFCPE III under this Clause 15.2.2 shall fall away. 

  

	 	15.2.3	In the event that the per Share price received by each of TTSL, TSL, MSIIPL, SMIT and IDFCPE III for the Shares sold by such Parties upon the exercise of the drag along right under Clause 15.2.1, or the per Share price
attributable to TTSL, TSL, MSIIPL, SMIT and IDFCPE III pursuant to a sale of the Business of the Company under Clause 15.2.2, is less than the Put Option Price, then the Investor shall pay to such Party an amount equal to such shortfall.

  

	16.	FINANCING 

  

	16.1	Except to the extent required pursuant to this Agreement, including under Clause 10, no Shareholder shall be obliged to provide guarantees or security or other financial support for any Indebtedness, unless agreed
otherwise in writing. 

  

	16.2	No Shareholder shall be obliged to provide any capital to the Company by way of subscription for further Shares, or by way of loans or subscription for loan stock or any other form of shareholder debt.

  

	16.3	 The Shareholders acknowledge that the Company may require further finance to fund its projected cash requirements (including as set out in the Annual
Business Plan) and agree that the Company may borrow, additional sums from third parties on the most favourable terms available as to interest, repayment and security compatible with its needs, at all times in accordance with Clause 6, including
with respect to Affirmative Vote Matters, 

  
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but except where required by applicable Law shall not allow any prospective lender the right to participate in the Share Capital or the share capital of the Investor or otherwise in the Business
as a condition or term of any loan or advance. 

  

	17.	NON-COMPETE AND NON-SOLICITATION 

  

	17.1	Each of the Parties agrees that, in consideration of the furtherance of trade, goodwill and Business of the Company, it shall neither directly nor through a subsidiary or any other Person Controlled by it, employ or
solicit, or receive or accept the performance of services in the Territory by any current employee of the Company or any former employee of the Company that has left his or her employment with the Company for less than one (1) year. For the
avoidance of doubt, such restrictions shall not apply to any current or former employees of the Company that apply for jobs or other positions with any Party or its subsidiaries or any other Person Controlled by it (a) suo moto, without
being approached by such Party, its subsidiaries or Person Controlled by it (as the case may be), or (b) in response to a generic advertisement that is not specifically addressed to such employees. 

 

	17.2	The Investor agrees that, except with respect to the Company in the normal course of business, in consideration of the furtherance of trade, goodwill and Business of the Company: 

 

	 	17.2.1	for so long as either TTSL or TSL (or any of their Affiliates other than TOF) are Shareholders, it shall neither directly nor indirectly through a subsidiary or Affiliate or any other Person Controlled by it, engage in,
assist or provide any advisory services to, either directly or indirectly, as a principal or for its own account or solely or jointly with others, or as stockholders in any corporation or joint stock association, any communications business in the
Territory that is similar to the communications business of TTSL, or its Affiliates, as it exists on the Effective Date; 

  

	 	17.2.2	for so long as either TTSL or TSL (or any of their Affiliates other than TOF) are Shareholders, any equity issuance, sale, transfer or other disposition of any Shares by the Company or the Investor, whether voluntarily
or involuntarily, directly or indirectly, in a single transaction or a series of related transactions, to any communications business in the Territory that is similar to the communications business of TTSL as it exists on the Effective Date, shall
require TTSL’s prior consent, which consent may not be unreasonably withheld or delayed; and 

  

	 	17.2.3	during the term of this Agreement, it shall neither directly nor indirectly through a subsidiary or Affiliate or any other Person Controlled by it, engage in, assist or provide any advisory services to, either directly
or indirectly, as a principal or for its own account or solely or jointly with others, or as stockholders in any corporation or joint stock association, any business in the Territory that is similar to the Business, other than through the Company.

  

	17.3	 The Investor and the Company agree that, for so long as either TTSL, TSL or their 

  
 -62- 

	 	
Affiliates (other than TOF) are Shareholders, in consideration of the furtherance of trade, goodwill and Business of the Company, each of the Investor and the Company shall neither directly nor
indirectly through a subsidiary or Affiliate or any other Person Controlled by it, engage in or provide any advisory services to, either directly or indirectly, as a principal or for its own account or solely or jointly with others, or as
stockholders in any corporation or joint stock association, the communications business (other than backhaul, DAS and WiFi) in the Territory that is similar to the communications business of TTSL and/or any of the Affiliates of TTSL as it exists on
the Effective Date. 

  

	17.4	TTSL, agrees that, for so long as TTSL, TSL or their Affiliates (other than TOF) is a Shareholder, in consideration of the furtherance of trade, goodwill and Business of the Company, it shall, and shall ensure that Tata
Teleservices (Maharashtra) Limited shall, neither directly nor through a subsidiary or any other Person Controlled by it, engage in, assist or provide any advisory services to, either directly or indirectly, as a principal or for its own account or
solely or jointly with others, or as stockholders in any corporation or joint stock association, any owning, operation or development of wireless and broadcast passive infrastructure business (excluding all businesses and activities (other than the
business of leasing out towers to third parties) being carried out as on the Effective Date such as IBS & DAS, wireline and passive infrastructure for non BTS related installations such as core network and major transmission aggregation
POPs) in the Territory that is similar to the tower leasing or passive infrastructure business of the Company as it exists on the Effective Date. Provided further that notwithstanding anything contained in this Clause 17.4, any towers
owned & operated by TTSL or TTML existing as on the Effective Date shall not be covered by and shall be excluded from the applicability of the provisions of this Clause 17.4. 

 

	17.5	The Parties agree that the restriction in Clause 17 shall not be applicable to (i) either of the Company or TTSL (or their respective Affiliates) undertaking projects relating to backhaul, in building solutions,
Wi-Fi, active BTS/antenna sharing or other related activities after due consultation with each other; (ii) any investment by a Person with the primary objective of making financial gains and without strategic rights, provided further that,
Clause 17 shall continue to apply to such Person if such Person has the right to appoint, and appoints, a director on the board of directors of a Competitor. 

  

	17.6	 If any provision contained in this Clause 17 shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Clause 17, but this Clause 17 shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. It is the intention of the Parties
that if any of the restrictions or covenants contained herein is held to cover a geographic area or to be for a length of time which is not permitted by applicable Law, or in any way construed to be too broad or to any extent invalid, such provision
shall not be construed to be null, void and of no effect, but to the extent such provision would be valid or enforceable under applicable Law, a court of competent jurisdiction shall construe and interpret or reform this Clause 17 to provide for a
covenant having the maximum enforceable geographic area, time period and other provisions (not greater than those contained herein) as shall be valid and enforceable under such 

  
 -63- 

	 	
applicable Law. Each of the Parties acknowledges that the other Parties would be irreparably harmed by any breach of this Clause 17 and that there would be no adequate remedy at Law or in damages
to compensate the other Parties for any such breach, and agrees that the other Parties shall be entitled to injunctive relief requiring specific performance by each of them under this Clause 17, and hereby consents to the entry thereof.

  

	17.7	The Parties agree that the existing activities of the Investor or (or its Affiliates) shall be excluded from the applicability of Clause 17 until the date of completion of the Combination, in accordance with and subject
to the Implementation Agreement. 

  

	17.8	Nothing contained in this Clause 17 shall limit any (x) Allowed Transaction, or (y) the Restructuring. 

  

	18.	TERMINATION 

  

	18.1	This Agreement shall, unless otherwise stated, terminate as regards to a Party (other than the Company) if that Party ceases to hold any Shares. 

 

	18.2	This Agreement shall terminate if no Person other than a single Shareholder of the Company remains as a Party or if all the Parties mutually agree in writing to terminate this Agreement. 

 

	18.3	The termination of this Agreement or of any provision hereof shall not prejudice any rights that have accrued prior to such termination. 

 

	18.4	Notwithstanding any other provision of this Agreement, the provisions of Clause 1 (Definitions and Interpretation), Clause 18 (Termination), Clause 19 (Costs and Expenses), Clause 20 (Confidentiality), Clause 22.3
(Notices), Clause 22.8 (Announcements) and Clause 23 (Governing Law and Arbitration) shall survive the termination of this Agreement. 

  

	19.	COSTS AND EXPENSES 

 Save as otherwise provided in this Agreement, each of the Parties
shall pay its own costs, charges and expenses (including taxes and fees of its investment bankers and legal and other advisors) incurred in connection with negotiating, preparing and implementing this Agreement and the transactions and other
documents contemplated by it. All stamp duties in relation to and for the consummation of the transactions contemplated in this Agreement shall be paid by the Company. 
  

	20.	CONFIDENTIALITY 

  

	20.1	Confidentiality obligation 

 Subject to the provisions of Clause 20.2 below, each Party
shall keep, and shall ensure that its Affiliates and their respective Representatives keep, all information and other materials passing between it (the “Receiving Party”) and the other Party and/or the

  
 -64- 

 
Company in relation to the transaction contemplated by this Agreement and also in relation to the Company (including all information concerning the business transactions and the financial
arrangements relating to the Company and/ or the subsidiaries) (the “Confidential Information”), confidential, and shall not without the prior written consent of the other Party, divulge the Confidential Information to any other
Person or use the Confidential Information other than for carrying out the purposes of this Agreement. 
  

	20.2	Exceptions 

 The provisions of Clause 20.1 shall not apply to: 

 

	 	20.2.1	a disclosure of Confidential Information that is or becomes generally available to the public other than as a result of disclosure by or at the direction of a Party or any of its representatives in violation of this
Agreement; 

  

	 	20.2.2	a disclosure by a Party to its representatives, provided such representatives are bound by similar confidentiality obligations; 

  

	 	20.2.3	a disclosure to the extent required under the rules of any recognised stock exchange or by applicable Laws or governmental regulations or generally accepted accounting principles applicable to any Party or judicial or
regulatory process or in connection with any judicial process regarding any legal action, suit or proceeding arising out of or relating to this Agreement; and 

  

	 	20.2.4	upon any Shareholder entering into negotiations with any Person with a view to Transferring any Shares to a Third Party, information in respect of the Company that is reasonably necessary to permit such Person to
evaluate the business of the Company may be provided to such Person, provided that (a) such Person has executed a confidentiality agreement; and (b) the Board is satisfied (acting reasonably) with the terms and conditions of such duly
executed confidentiality agreement. 

  

	21.	CHARTER DOCUMENTS 

 The Charter Documents shall be amended in conformity with this
Agreement. In the event of inconsistency between the provisions of this Agreement and the Articles of Association, the provisions of this Agreement shall, to the extent permitted by Law, prevail. The Parties shall exercise their voting rights
attached to their Shares to alter the Charter Documents in a manner consistent with this Agreement. 
  

	22.	MISCELLANEOUS 

  

	22.1	Specific Performance 

 The Parties agree that damages may not be an adequate
remedy for any breach of this Agreement, and the Parties shall be entitled to an injunction, restraining order, right for recovery, suit for specific performance or such other equitable relief as a court of

  
 -65- 

 
competent jurisdiction may deem necessary or appropriate to restrain the other Parties hereto from committing any violation or enforce the performance of the covenants, representations and
obligations contained in this Agreement. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Parties may have at Law or in equity, including a right to damages. 

 

	22.2	Counterparts 

 This Agreement may be executed in any number of separate counterparts,
each of which is an original but all of which taken together shall constitute one and the same instrument. The delivery of signed counterparts by facsimile transmission or electronic mail in “portable document format” (“.pdf”)
shall be as effective as signing and delivering the counterpart in person. 
  

	22.3	Notices 

  

	 	22.3.1	Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and signed by or on behalf of the Party giving it. Such notice
shall be served by sending it by facsimile to the number set forth below or delivering by hand, mail, electronic mail or courier to the address set forth below. In each case it shall be marked for the attention of the relevant Party set forth below.
Any notice so served shall be deemed to have been duly given: (a) in case of delivery by hand, when hand delivered to the other Party; or (b) when sent by facsimile, upon transmission and receipt of confirmation; or (c) when sent by
mail, where three (3) Business Days have elapsed after deposit in the mail with certified mail receipt requested postage prepaid; or (d) when delivered by courier on the second
(2nd) Business Day after deposit with an overnight delivery service, postage prepaid, with next Business Day delivery guaranteed, provided that the sending Party receives a confirmation of
delivery from the delivery service provider; or (e) for electronic mail notification with return receipt requested, upon the obtaining of a valid return receipt from the recipient. Each Person making a communication hereunder by facsimile shall
promptly confirm by telephone or regular mail or electronic mail to the Person to whom such communication by facsimile was addressed, each communication made by it by facsimile pursuant hereto but the absence of such confirmation by telephone or
regular mail or electronic mail shall not affect the validity of any such facsimile communication. 

 If to the Company

  

					
	Attention	  	:	  	Company Secretary
	Address	  	:	  	D-2, 5th Floor, Southern Park, Saket Place, Saket, New Delhi 110017, India
	Telephone	  	:	  	0124 66344703
	Email	  	:	  	geetapuri.seth@viomnetworks.com

 If to TTSL 

  
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	Attention	  	:	  	A&E Block, Voltas premises, T B Kadam Marg, Chinchpokli, Mumbai 400 033
	Address	  	:	  	Bhaskar Chandran, President Legal, Regulatory & Company Secretary
	Telephone	  	:	  	+91 22 6667 1155
	Facsimile	  	:	  	91 22 6610 6175
	Email	  	:	  	bhaskar.chandran@tatatel.co.in

 If to TSL 

 

					
	Attention	  	:	  	Mr. F N Subedar
	Address	  	:	  	Bombay House, 24, Homi Mody Street, Fort, Mumbai 400001
	Telephone	  	:	  	+91 22 66657147
	Facsimile	  	:	  	+91 22 66658080
	Email	  	:	  	fnsubedar@tata.com

 If to IDFCPE III 

 

					
	Attention	  	:	  	Managing Partner & Chief Investment Officer and Chief Financial Officer
			
	Address	  	:	  	 IDFC Private Equity Fund III
 c/o IDFC
Alternatives Limited
 7th floor, One IndiaBulls Centre
 Tower
1C, Jupiter Mills Compound,
 841, Senapati Bapat Marg,

Elphinstone Road,
 Mumbai 400013

			
	Telephone	  	:	  	+91 22 42222000
	Facsimile	  	:	  	+91 22 42222166
	Email	  	:	  	 satish.mandhana@idfc.com - Managing Partner and Chief Investment Officer

manish.jindal@idfc.com - Chief Financial Officer

 If to MSIIPL 

 

					
	Attention	  	:	  	Mr. David Luboff
	Address	  	:	  	10 Marina Boulevard, #17-01 Tower 2, Marina Bay Financial Centre Singapore 018983
	Telephone	  	:	  	+65-66010014
	Facsimile	  	:	  	+65 6601 0653
	Email	  	:	  	David.luboff@macquarie.com

 If to SMIT 

  
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	Attention	  	:	  	Mr. Suresh Goyal
	Address	  	:	  	92, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, India
	Telephone	  	:	  	+91-22-67204011
	Facsimile	  	:	  	+91-22-67204302
	Email	  	:	  	Suresh.Goyal@macquarie.com

 If to the Investor 

 

					
	Attention	  	:	  	ATC Asia Pacific Pte. Ltd.
	Address	  	:	  	 One Raffles Quay North Tower, Level 25

Singapore 048583

	Telephone	  	:	  	65 66225351 / 66225352

 With Copies to 

 

					
	Attention	  	:	  	General Counsel
	Address	  	:	  	 American Tower International, Inc.
 116
Huntington Ave., 11th Floor,
 Boston, MA 02116

	Telephone	  	:	  	617-375-7500
	Facsimile	  	:	  	617-375-7575

  

					
	Attention	  	:	  	Clifford Chance LLP
	Address	  	:	  	 31 West 52nd Street

New York, NY 10019

	Telephone	  	:	  	212-878-8000
	Facsimile	  	:	  	+1 212 878 8375

  

	 	22.3.2	Any Party may, from time to time, change its address for the purpose of notices to that Party by giving a notice to the other Parties specifying a new address, but no such notice will be deemed to have been given until
it is actually received by the other Parties. 

  

	22.4	Relationship 

 Each Party hereto is an independent party and nothing contained in this
Agreement shall be construed to be inconsistent with this relationship or status. Nothing in this Agreement shall, in any way, be construed to constitute any Party as the agent, employee or representative of any other Party. None of the provisions
of this Agreement shall be deemed to constitute a partnership between the Parties and no Party shall have any authority to bind any other Party otherwise than under this Agreement or shall be deemed to be the agent of the other in any way. 

 

	22.5	Waivers, Rights and Remedies 

 The Party that is entitled to the benefit thereof may,
subject to applicable Law, waive any 

  
 -68- 

 
term or condition of this Agreement or any breach of or default by any other Party in performing any of the provisions of this Agreement at any time. Such waiver must be in writing and must be
executed by an authorized officer of such Party. A waiver on one occasion will not be deemed to be a continuing waiver of the same or any other breach or non-fulfilment on a future occasion and such waiver shall not prevent the waiving party from
subsequently enforcing any of the provisions of this Agreement not waived or from acting on any subsequent breach of or default by any other Party under any of the provisions of this Agreement. All remedies, either under this Agreement, or by
applicable Law or otherwise afforded, will be cumulative and not alternative. 
  

	22.6	Threshold Rights 

 Notwithstanding anything to the contrary contained in this Agreement
or the Articles of Association of the Company, in case of any dilution of the Shareholding of the Tatas, MSIIPL or SMIT in the Company pursuant to any of the following: 
  

	 	(a)	failure to exercise a Pre-emptive Right under Clause 10 of this Agreement upon primary issuance of securities by the Company or on the issuance of any Excluded Securities; 

 

	 	(b)	the exercise of the Put Option under Clause 12, wherein Tatas have offered up to the maximum Put Option Shares which may be offered by them in a Put Period but continue to remain a Shareholder in the Company;

  

	 	(c)	pursuant to the exercise of the Tag Along Right by TTSL, TSL, IDFCPE III, MSIIPL and/or SMIT under Clause 11.7 pursuant to Clause 11.1.2; 

 

	 	(d)	as a result of a Clawback Subscription; or 

  

	 	(e)	as a result of the Combination, 

 the rights, entitlements and obligations of the Tatas, MSIIPL
or SMIT (as the case may be) that are linked to a minimum Shareholding threshold shall continue to apply as if no such dilution has occurred and any reference in this Agreement or the Articles of Association to such minimum Shareholding threshold
shall be deemed to be proportionately adjusted to take into account and negate the effect and impact of such dilution. 
  

	22.7	Authorisation 

 The Parties represent and covenant that the persons signing this
Agreement on behalf of the Parties have the authority to so sign and execute this Agreement on behalf of the Parties for whom they are signing. 
  

	22.8	Announcements 

 The Parties shall not make, and shall not permit any of their respective
Affiliates, directors, employees, officers, legal, financial and professional advisors or bankers to 

  
 -69- 

 
make, any public announcement about the subject matter of this Agreement or regarding any of the Company’s Business and operating plans from time to time, whether in the form of a press
release or otherwise, without first consulting with each other and obtaining the other Parties’ written consent, save as required to satisfy any requirement (whether or not having the force of Law) of a stock exchange on which the shares of the
disclosing Party or subsidiary or affiliate or holding company of the disclosing Party are traded, or of the securities laws, rules or regulations or generally accepted accounting principles applicable to the disclosing Party or subsidiary or
affiliate or holding company of the disclosing Party in any jurisdiction in which its shares are traded, or of any relevant governmental or regulatory body. In the event that disclosure is required, the other Parties shall be given a reasonable
opportunity to review and comment on any such required disclosure, which comment shall not be unreasonably delayed or conditioned. 
  

	22.9	Assignment 

 The Parties shall not assign their rights under this Agreement, except as
provided specifically herein. In the event the entire Shareholding is Transferred by any Shareholder, subject to Clause 11 above, the Shareholder shall be entitled to assign its respective rights available under the this Agreement. This restriction
shall not apply in case of an assignment to a Party’s Affiliate. It is however clarified that, the right of MSIIPL and SMIT to appoint a Director to the Board shall not be assignable unless the transferee by itself, or together with not more
than one (1) other transferee, acquires the entire aggregate Shareholding of MSIIPL and SMIT. Provided, however, that neither this Agreement nor the rights of a Party hereunder shall be assignable in case of a merger, amalgamation,
reconstruction or any other form of corporate restructuring of such Party with any other person/entity, except with the consent of the other Parties (which shall not be unreasonably withheld). Notwithstanding anything contained in this Agreement,
TTSL and TSL shall be entitled to assign its respective rights and obligations under this Agreement to any of their Affiliates including, without limitation, TOF or members of the Tata Group, in connection with or pursuant to a transfer of Shares to
such Affiliates or members of the Tata Group. 
  

	22.10	Entire Agreement 

  

	 	22.10.1	This Agreement and the documents and agreements referred to in it set out the entire agreement and understanding between the Parties with respect to the subject matter of it. This Agreement supersedes any prior
agreements or understandings between the Parties, which cease to have any further force or effect. 

  

	 	22.10.2	 On the Effective Date, all past agreements entered into (i) inter se between all or any part of the Shareholders listed in Schedule 1A and
(ii) between the Shareholders listed in Schedule 1A and the Company, including the Existing Shareholders Agreement, shall stand terminated, provided that nothing in this Clause 22.10.2 shall apply to the Investment Agreement. Provided
further that, subject to Clause 8, (a) no liability under such agreements shall pass or transfer to the Investor unless specified in the Definitive Agreements; and (b) any accrued

  
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obligations to the Company are discharged or provided for. 

  

	22.11	Further Assurance 

 Subject to applicable law and the terms and conditions of this
Agreement, the Parties will use their best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under applicable Law to consummate the transactions contemplated herein and to give
effect to the terms of this Agreement. The Parties agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other lawful actions as may be necessary or desirable in order to consummate or
implement expeditiously such transactions contemplated hereby. Without prejudice to any other provision of this Agreement, the Parties agree that, in the event that it has or it is deemed to have provided its consent under any provision of this
Agreement then it shall take, all actions and to do, or cause to be done, all things reasonably necessary or desirable under applicable law to give effect to the matter or item that it has consented to. 

 

	22.12	Invalidity 

 Each of the provisions of this Agreement is severable. If any such provision
is held to be or becomes invalid or unenforceable in any respect under the law of any jurisdiction, the remainder of this Agreement and the application of such provision to persons or circumstances other than those as to which it is held invalid or
unenforceable shall not be affected thereby, and each provision of this Agreement shall be valid and enforceable to the fullest extent permitted by applicable law. The invalid provision shall have no effect in that respect and the Parties shall use
all reasonable efforts to replace it in that respect with a valid and enforceable substitute provision the effect of which shall be as close to its intended effect as possible. 

 

	22.13	Variation 

 No variation of this Agreement shall be valid unless it is in writing (which,
for this purpose, does not include electronic mail) and signed by or on behalf of each of the Parties. The expression ‘variation’ includes any variation, supplement, deletion, modification or replacement however effected. 

 

	23.	GOVERNING LAW AND ARBITRATION 

  

	23.1	This Agreement and the documents to be entered into pursuant to it, and any non-contractual obligations arising out of or in connection with the Agreement and such documents, shall be governed by and construed in
accordance with the substantive Laws of India without giving effect to the principles of conflict of Laws thereunder. Notwithstanding the foregoing or any provision herein to the contrary, the Shareholders Agreement Put Obligation Performance
Guarantee shall be shall be governed by and construed in accordance with the substantive Laws of the United States of America, without giving effect to the principles of conflict of Laws thereunder. 

  
 -71- 

	23.2	Any and all process may be served in any action or proceeding arising in connection with this Agreement by notice pursuant to Clause 22.3. The Parties hereby agree to waive all claims of error by reason of such service
and that such service, if delivered, sent or mailed, shall constitute good, proper and sufficient service. Nothing herein shall affect the right of any Party to service process in any other manner permitted by Law or to commence legal proceedings or
otherwise proceed against the other in any other jurisdiction to enforce judgments or rulings of the below mentioned arbitration process. 

  

	24.	DISPUTE RESOLUTION 

  

	24.1	Any and all disputes or differences between the Parties arising out of or in connection with this Agreement or its performance shall, so far as it is possible, be settled amicably through consultation between the
Parties. 

  

	24.2	If after thirty (30) Business Days of consultation, the disputing parties have failed to reach an amicable settlement on any or all disputes or differences arising out of or in connection with this Agreement or its
performance, such disputes or differences shall be submitted to final and binding arbitration at the request of either of the disputing parties upon written notice to that effect to the other. 

 

	24.3	Such arbitration shall be under and on the terms of the Arbitration Rules of the Singapore International Arbitration Centre and shall be held in Singapore. All proceedings of such arbitration shall be in the English
language. 

  

	24.4	The arbitration panel shall consist of three (3) arbitrators, one (1) arbitrator to be appointed by each side to such dispute and the third arbitrator, who shall serve as chairman, to be appointed jointly by
the other two (2) arbitrators. In the event that there are multiple disputing parties, all sides shall attempt to agree upon the appointments. 

  

	24.5	The arbitration panel shall have the power to order any interim or conservatory measures which it deems appropriate. 

  

	24.6	If multiple disputes arise out of or in connection with this Agreement or its performance then any or all such disputes may be determined in a single arbitration. 

 

	24.7	In the event that an arbitration under this Agreement or its performance has commenced and is still pending (the “Pending Arbitration”), when any other arbitration is commenced under any of such
documents, each of the parties hereby agrees that the arbitration panel in the Pending Arbitration shall have the power to order consolidation of the subsequently commenced arbitration with the Pending Arbitration (together, the
“Consolidated Arbitration”), where the request for consolidation is made prior to (a) the exchange of the final written pleadings (excluding post-hearing briefs, or equivalent), or (b) the commencement of the final hearing
on the merits in the Pending Arbitration (if any), whichever is the later, and the arbitration panel in the Pending Arbitration, in its absolute discretion, determines that: 

 

	 	(a)	the arbitrations relate to substantially similar questions of law or of fact; 

  
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	 	(b)	none of the parties would be unduly prejudiced; and 

  

	 	(c)	consolidation under these circumstances would not result in undue delay for any of the arbitrations. 

  

	24.8	The arbitration panel in the Consolidated Arbitration shall consist of three (3) arbitrators, one (1) arbitrator to be appointed by each side to such dispute and the third (3rd) arbitrator, who shall serve as chairman, to be appointed jointly by the other two (2) arbitrators. 

  

	24.9	The parties agree that upon consolidation, they will promptly dismiss any arbitration brought under this Agreement or its performance, the subject of which has been consolidated into a Consolidated Arbitration in
accordance with this Clause 24. 

  

	24.10	Nothing shall preclude any Party from seeking interim or permanent equitable or injunctive relief, or both, provided that courts in Singapore shall be deemed to have non-exclusive jurisdiction in respect of all matters
where interim relief is sought under this Agreement. The pursuit of equitable or injunctive relief shall not be a waiver of the duty of the Parties to pursue any remedy for monetary damages through the arbitration described in this Clause 24.

  

	25.	SUBSIDIARIES OF THE COMPANY 

  

	25.1	The Parties agree that the provisions of Clauses 4.1 to 4.6, 5, 6, 7 and 9 of this Agreement shall apply, mutatis mutandis, to each of the present and future subsidiaries of the Company. 

 

	26.	TATA BRAND 

  

	26.1	The Parties acknowledge and agree that on and from the Effective Date, the Company shall not be identified as or referred to as a group company or Affiliate of TSL, nor shall TSL or TTSL be identified as a
‘promoter’ or ‘partner’ in the Company. 

  

	26.2	The Company and all the Shareholders, other than TTSL, TSL and its Affiliates, hereby acknowledge and agree that they shall not be entitled to use the brand ‘Tata’, or any trademarks, trade names, brand names
or symbols belonging to or associated with TSL or its Affiliates on and from the Effective Date, except for identifying TSL or TTSL as a shareholder of the Company under applicable Law. 

 

	26.3	The Parties agree that the term ‘Tata’ or any abbreviation thereof or similar term shall not be used while registering any trademarks, trade names, brand names or symbols of the Company. 

 

	27.	NO CONFLICT OBLIGATIONS OF MIRA 

  

	27.1	 For so long as MSIIPL and SMIT are entitled to nominate a Director on the Board, then in the event MIRA acquires an ownership interest or makes an
investment in a Competitor prior to March 31, 2021 and also acquires the contractual right to appoint one or more nominees of MIRA (or the entities Controlled by it) and such nominees are so

  
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appointed as a director on the board of directors of the Competitor or acquires any veto rights in such Competitor, MSIIPL and/or SMIT: 

 

	 	27.1.1	will inform the Investor and Board in writing of the same; 

  

	 	27.1.2	ensure that any nominee or director of MSIIPL or SMIT on the Board of the Company resigns with immediate effect; 

  

	 	27.1.3	shall have no right to appoint a Director on the Board for so long as a nominee of MIRA (or the entities Controlled by it) is a director on the board of directors of a Competitor or MIRA (or the entities Controlled by
it) has any veto rights in a Competitor; and 

  

	 	27.1.4	shall not be entitled to exercise the Affirmative Vote Matters listed in items 13, 4, 5, 6, 8, 9, 11, 12, 13 and 18 of Part A in Schedule 2, which shall remain suspended until such time as a nominee of MIRA (or the
entities Controlled by it) is a director on the board of directors of a Competitor or MIRA (or the entities Controlled by it) has any veto rights in a Competitor. 

 

	27.2	Notwithstanding anything in this Agreement: 

  

	 	27.2.1	this Clause 27 shall not apply to any investments made by MIRA in a Competitor on or after March 31, 2021; 

  

	 	27.2.2	the provisions of this Clause 27 shall cease to apply with immediate effect upon the occurrence of a Material ATC Breach. 

  

	27.3	All information relating to the Company, including but not limited to its business, finance, customers and operations, received by MSIIPL or SMIT or their nominee Director on the Board from the Company or from any other
Person shall be kept confidential and shall not be used by any of MSIIPL, SMIT or their nominee Directors for any purposes other than for which such information has been provided to any of them, including specifically in the evaluation of any
investment opportunities in any Competitor. 

  
 -74- 

 IN WITNESS WHEREOF THE COMPANY HAS CAUSED ITS COMMON SEAL TO BE AFFIXED HERETO AND THE OTHER PARTIES HERETO HAVE
CAUSED THE SAME TO BE EXECUTED AS OF THE DAY AND YEAR FIRST ABOVE WRITTEN. 
  

			
	For VIOM NETWORKS LIMITED
		
	Authorized Signatory	 	/s/ SYED SAFANI                   
	Name: Syed Safani
	Title: CEO
	
	In the presence of:
		
	Authorized Signatory	 	/s/ SHIRISH MANIAR            
	Name: Sirish Maniar
	Title: CFO
	
	In the presence of:

  
 Signature Page of the
Shareholders Agreement 

 
			
	For TATA SONS LIMITED
		
	Authorized Signatory	 	 /s/ F.N. SUBEDAR

	Name: F.N. Subedar
	Title:	 	
	
	In the presence of:

  
 Signature Page of the
Shareholders Agreement 

 
			
	For TATA TELESERVICES LIMITED
		
	Authorized Signatory	 	 /s/ SRINATH NARASIMHAN

	Name: Srinath Narasimhan
	Title: Managing Director
	
	In the presence of:

  

  
 Signature Page of the
Shareholders Agreement 

 
			
	For IDFC PRIVATE EQUITY FUND III
		
	Authorized Signatory	 	 /s/ SATISH MANDHANA

	Name: Satish Mandhana
	Title: Managing Partner and CIO
	
	In the presence of:

  

  
 Signature Page of the
Shareholders Agreement 

 
			
	For MACQUARIE SBI INFRASTRUCTURE INVESTMENTS PTE LIMITED
		
	Authorized Signatory	 	 /s/ DAVID LUBOFF

	Name: David LuBoff
	Title: Director
		
	In the presence of:	 	 /s/ VERENA LIMS

	Name: Verena Lims

  

  
 Signature Page of the
Shareholders Agreement 

 
			
	For SBI MACQUARIE INFRASTRUCTURE TRUST
		
	Authorized Signatory	 	 /s/ NANDINI RODRICKS

	Name: Nandini Rodricks
	Title: CEO
		
	In the presence of:	 	 /s/ RICHARD A. LOWE

	Name: Richard A. Lowe

  

  
 Signature Page of the
Shareholders Agreement 

 
			
	For ATC ASIA PACIFIC PTE. LTD.
		
	Authorized Signatory	 	 /s/ EDMUND DISANTO

	Name: Edmund DiSanto
	Title: Director
	
	In the presence of:

  

  
 Signature Page of the
Shareholders Agreement

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