Bharti Airtel and Vodafone Idea Limited (Vi) have signed a deal to sell their respective stakes in their Wi-Fi joint venture (JV), FireFly Networks to Singapore-based Manipura Digital Infrastructure OPCO Pte. Limited for a combined value of Rs 121 million.
Both Airtel and Vi would each receive Rs 60.5 million, according to their respective stock exchange filings. The transaction is expected to be completed within 45 days of the signing of the agreement i.e. November 4, 2023.
With the deal, Airtel and Vi will fully exit the venture that was started in 2014 but will continue to be Firefly’s customers. Following the acquisition, the new owners plan to invest up to $100 million in the next two years to assist the Wi-Fi infrastructure company to expand services across the country.