ABC Ltd$.$ is a telecommunication services provider looking to expand to a new territory Dome; it is analysing whether it should install its own telecom towers or lease them out from a prominent tower$-$sharing company Noir Inc.

Leasing out $200$ towers would involve payment of INR $5,000,000$ per year for $5$ years.

Erecting $200$ news towers would cost INR $18,000,000($total$)$ including the cost of equipment and installation, etc.

Owning a tower has some additional associated maintenance costs, such as security, power and fuelling, which amounts to INR $10,000$ per annum per tower.

The company$$s tax rate is $25\%$ while WACC is $6\%.$ The tax laws allow straight$-$line depreciation for $5$ years. There is no salvage value at the end. Don$$t assume any additional expenses.

Determine whether the company should erect its own towers or lease them out. Provide reasons $($in brief$)$ for the same.

Please give Ms Ecel output