Vodafone to explore ways to sell stake in Indus Towers
15 Nov 2017 9:58 PM IST
New Delhi: British telecom major Vodafone is open to exploring opportunities for sale of stake in Indian mobile tower firm Indus Towers -- its joint venture with Bharti Airtel and Idea Cellular. If the plan fructifies, it is expected to create more value for the group.
"We will explore strategic options including the full or partial sales of our 42 per cent stake in Indus Towers, which could create further value for the group... we are also deleveraging our balancesheet by over $8 billion...," Vodafone Group Chief Executive Vittorio Colao said during an analyst and investor conference on Tuesday. Vodafone India has a net debt of $8.2 billion.
Bharti Airtel's mobile tower arm Bharti Infratel and Vodafone hold 42 per cent each in India's largest mobile tower firm Indus Towers and the rest is held by Idea Cellular.
Bharti Infratel is looking to acquire partial or full stake in Indus Towers. The Vodafone India and Idea merger agreement will create opportunities on Indus Towers.
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