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Bharti Airtel to buy 4.7% stake in Indus Towers from Vodafone

Debt-laden Vodafone Idea has paid the government Rs 7,854 crore in dues, but still owes roughly Rs 50,000 crore
Last Updated 25 February 2022, 12:48 IST

Indian telecom operator Bharti Airtel Ltd said on Friday it would buy a 4.7 per cent stake in cell tower firm Indus Towers Ltd from Vodafone Group Plc.

The British telecoms group said earlier this week it was looking to sell its entire 28.1 per cent stake in Indus Towers, India's largest cell tower company.

Airtel did not disclose the deal value but said it was "protected with a capped price, which is lower than the price for the block of Indus shares sold by Vodafone (Group)."

The deal is on the condition that proceeds from the sale would be infused back into Vodafone Idea Ltd, Airtel said.

India's telecoms market, one of the world's biggest, was upended by Reliance Industries' Jio Infocomm, which launched with free voice and cut-price data in late 2016.

This forced several rivals out of the market while others such as the local unit of Vodafone and India's Idea Cellular merged.

Debt-laden Vodafone Idea has paid the government Rs 7,854 crore in dues, but still owes roughly Rs 50,000 crore.

Shares of Indus Towers closed 4.2 per cent higher at 214.60 rupees on Friday. The news was announced after markets closed.

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(Published 25 February 2022, 12:48 IST)

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