Bharti Airtel has completed the sale of mobile-phone towers in five African countries for more than $1.3 billion (Rs 83.20 billion). The funds from the sale are likely to be used to reduce the company?s debt. Tower sale transactions have been concluded in Nigeria, Uganda, Ghana, Rwanda and Congo Brazzaville. American Tower Corporation has closed its acquisition of about 4,700 towers in Nigeria from Airtel.
Meanwhile,, the agreements to sell towers in two other African nations have lapsed. Airtel?s agreements with Helios Towers Africa for the sale of towers in Tanzania and Chad had lapsed in June 2015. However, transactions in six other countries in Africa are still progressing.
Bharti Airtel had previously announced agreements to sell tower assets in 13 African countries in a bid to reduce costs. The company?s business in Africa has struggled due to decline in oil and commodity prices and accompanied by regulatory hurdles. The company?s interest costs have increased by 38 per cent to Rs 50.10 billion in the year ended March 2015.
