Airtel to acquire Vodafone's 4.7% stake in Indus Towers
New Delhi, February 25
Bharti Airtel on Friday said it has signed an agreement to buy Vodafone’s 4.7% stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing dues of the mobile tower company.
Vodafone Idea (VIL) has been unable to pay dues of Indus Towers, and both VIL and promoter Vodafone have proposed a payment plan to clear the outstanding amount by July 15.
In the meantime, VIL has committed to pay certain minimum amount each month to Indus Towers.
“Bharti Airtel has…entered into an agreement with Vodafone to buy 4.7% equity interest in Indus Towers on the principal condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea Limited (VIL) and simultaneously remitted to Indus Towers to clear VIL’s outstanding dues,” Airtel said. —
