Bharti Airtel said it has entered into an agreement to acquire a 4.7% stake in Indus Towers from UK’s Vodafone Group Plc in cash via a block deal. The partnership is in line with Vodafone’s plan to sell its entire 28.1% stake in Indus Towers.
Bharti Airtel (“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 (Vi) and simultaneously remitted to Indus Towers to clear Vi’ outstanding dues,” the Sunil Mittal-led telco said in an official statement. The deal value has not been disclosed by Airtel.
