India’s Bharti Airtel to purchase 4.7% stake in Indus Towers from Vodafone

A Bharti Airtel commercial board is put in towards the backdrop of firm’s telecommunication tower within the southern Indian metropolis of Kochi November 30, 2012. REUTERS/Sivaram V

BENGALURU, Feb 25 (Reuters) – Indian telecom operator Bharti Airtel Ltd (BRTI.NS) stated on Friday it could purchase a 4.7% stake in cell tower agency Indus Towers Ltd (INUS.NS) from Vodafone Group Plc (VOD.L).

The British telecoms group stated earlier this week it was trying to promote its total 28.1% stake in Indus Towers, India’s largest cell tower firm. learn extra

Airtel didn’t disclose the deal worth however stated it was “protected with a capped worth, which is decrease than the value for the block of Indus shares offered by Vodafone (Group).”

The deal is on the situation that proceeds from the sale can be infused again into Vodafone Thought Ltd (VODA.NS), Airtel stated.

India’s telecoms market, one of many world’s greatest, was upended by Reliance Industries’ (RELI.NS) Jio Infocomm, which launched with free voice and cut-price knowledge in late 2016.

This pressured a number of rivals out of the market whereas others such because the native unit of Vodafone and India’s Thought Mobile merged.

Debt-laden Vodafone Thought has paid the federal government 78.54 billion rupees in dues, however nonetheless owes roughly 500 billion rupees.

Shares of Indus Towers closed 4.2% larger at 214.60 rupees on Friday. The information was introduced after markets closed.

Reporting by Rama Venkat in Bengaluru; Enhancing by Krishna Chandra Eluri and Sriraj Kalluvila

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