Vodafone to sell remaining stake in Indian tower company Indus

This comes after Vodafone Idea had cleared ₹2,328.2 crore of its dues to Indus till the September quarter. The total dues amount to around ₹7,075 crore

Published on: Dec 5, 2024, 14:22:17 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

The UK's Vodafone Group Plc is selling the whole 3% of stake it owns of Indus Towers in a $300 million deal to exit the company which is now a Bharti Airtel subsidiary.

The Sunil Mittal-led Airtel could be a potential buyer for the Indus Tower shares from Vodafone UK (Reuters)

Also Read: ‘Doubt on its credibility’: IndiGo on AirHelp rating it among the worst airlines in the world

The proceeds from selling the 79.2 million shares will be used to clear the company's $101 million in debts to existing lenders secured against Vodafone's Indian assets.

The remaining will be used to infuse fresh capital into Vodafone Idea (Vi), its Indian telecom joint venture with the Aditya Birla Group to clear a portion of its dues to Indus Towers.

This comes after Vi had cleared ₹2,328.2 crore of its dues to Indus till the September quarter. The total dues amount to around ₹7,075 crore.

Also Read: US stocks surge on Fed rate cut hopes, ignoring France, South Korea's political crises

The Sunil Mittal-led Airtel could be a potential buyer for the shares, according to an Economic Times report which cited unnamed industry executives and added that discussions have been going on for some time.

Earlier, these same discussions had gotten mired due to valuation differences, but the latest talks could bring results, according to the report.

This comes after the Competition Commission of India (CCI) cleared Airtel's proposal to increase its shareholding in Indus from the 50.005% it currently owns.

Also Read: Bitcoin crosses $100,000 for first time on optimism over Donald Trump's crypto plans

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator