Voda Idea likely to sell tower stake, optical fibre assets

New Delhi, February 17

Vodafone Idea is likely to mop up about Rs 20,000 crore from its proposed stake sale in mobile tower firm Indus Tower and monetisation of optical fibre assets, sources said.

The country’s largest telecom operator plans to use the funds for lowering its debt, which stood at Rs 1,23,660 crore at the end of 2018. “Vodafone Idea has received combined valuation of around Rs 20,000 crore for mobile towers and optical fibre assets that it is planning to sell. Discussions have started around it,” they said.

The firm had earlier announced its plan to sell 11.15% stake held by Aditya Birla Group in Indus Towers as well as 1.56 lakh km of optical fibre assets. “Indus stake is worth about Rs 5,000 crore today. We have 1,56,000 km of fibre. We have not given any guidance on monetisable value,” said a Vodafone Idea spokesperson. The firm is also planning to raise Rs 25,000 crore through a rights issue to fund its capital expenditure and pare debt. Promoters Vodafone and Birla Group have reiterated to contribute Rs 11,000 crore and Rs 7,250 crore for rights issue. — PTI