American Tower Corporation (NYSE:AMT), the US-based telecom towers giant, is close to selling its loss-making India operations at an enterprise valuation of up to $2.2 billion by next month-end. I Squared Capital Advisors, LLC, the US-based infrastructure private equity firm, is leading the race to buy the telecom tower company which has seen a continuous loss of valuation in the last few years, said a banking source. I Squared Capital declined to comment.

?We're making significant progress on the strategic review of our India business. As we are in the final stages of this process, we remain committed to communicating the outcome to our shareholders before the end of the year, consistent with our past messaging,? Rod Smith, Executive Vice President, Chief Financial Officer, and Treasurer of ATC said in a conference call with analysts recently.