Bharti Airtel will acquire Vodafone’s 4.7% stake in Indus Towers for ₹2,388 crore as the transaction will be executed at ₹187 per share basis, according to an exchange filing.
In February, Airtel has entered into an agreement with British telecom giant Vodafone Plc to buy 4.7% equity in telecom infrastructure company Indus Towers Ltd.
The acquisition of Vodafone stake in Indus Towers only if it is for infusion in Vodafone Idea and clearing tower company’s dues. Before the deal, Vodafone holds about 28% in Indus Towers while that of Bharti Airtel is close to 42%.
Indus Towers, formerly Bharti Infratel Ltd, is a leading provider of passive telecom infrastructure. It deploys, owns and manages telecom towers and communication structures for various mobile operators.
The firm’s portfolio of over 1,84,748 telecom towers, makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles. Indus Towers caters to all wireless telecommunication service providers in India.
Indus Towers posted about 16% rise in consolidated profit at ₹1,570.8 crore in the three months ended December 2021 while revenues stood at ₹6,927 crore during the same period.
Indus Tower merged with Bharti Infratel in November 2020. The company’s total mobile tower base increased to 1,84,748 from 1,75,510 on a year-on-year basis.