As per industry sources, Vodafone Group Plc is in talks to offload its 5 per cent stake in Indus Towers Limited in favour of Bharti Airtel. The 5 per cent stake in Indus Towers is valued at over Rs 33 billion.
Reportedly, the proceeds so realised will be infused into Vodafone Idea Limited (Vi). This decision comes in the backdrop of the self-mandated March deadline for Vi to raise funds from external investors which is drawing near.
Indus Towers’ portfolio of more than 184,748 telecom towers makes it one of the largest tower infrastructure providers in India with presence in all 22 telecom circles.
As of now, Vodafone Group holds about 28 per cent in Indus Towers. Meanwhile, Bharti Airtel had earlier said that it will raise $1 billion in debt, after it reported better-than-expected quarterly revenue on higher tariff rates. Airtel said it would raise the amount, Rs 75 billion, by issuing non-convertible debt securities, including debentures and bonds.
