Bharti Airtel likely to sell its tower assets in Nigeria for $500 million

Bharti Airtel plans to sell-off its tower assets in Nigeria for about $500 million.

The operator has a portfolio of less than 4,000 telecom towers in the country.

Nigeria is one of the biggest revenue generating market for Bharti Airtel in Africa. Nigeria contributed about 30 per cent revenue to Bharti Airtel?s Africa business in 2013-14.

Overall, the company had a portfolio of about 14,000 telecom towers in Africa across 17 countries at the end of March 2013.

The operator plans to utilise the proceeds from tower sale towards paying off its debts. At the end of September 2013, the company?s net debt stood at Rs 608.77 billion.