NEW DELHI: UK-based Vodafone is looking to sell its entire 28.1% stake in Indus Towers Ltd, India’s largest cell tower company, the telecom group said on Thursday. Vodafone has launched its first sale of 63.6 million Indus shares and said it is in discussions with several groups about selling the remaining shares.
The company’s total net worth of 757.8 million shares was worth roughly 190.7 billion rupees ($ 2.56 billion) as of Friday, according to Reuters figures.
The development comes after a challenging time for Vodafone in India, where its regional subsidiary, Idea Vodafone, has faced stiff competition and lost millions of wireless subscribers to Reliance’s Jio and Bharti Airtel.
The Vodafone Idea crisis has been compounded by the huge debts owed to the Indian government, which is expected to gain 35.8% in trading through a recent deal.
The British company said on Wednesday it was in advanced talks with one of Indus’ biggest shareholders to sell a 4.7% stake in the company.
The company did not provide a name, but Indian media reported Vodafone is in talks to sell a 5% stake in Indus to Bharti Airtel. Bharti Enterprises Ltd, parent of Bharti Airtel, is Indus’ largest shareholder, according to Refinitiv data. Also Read: Apple to launch personal electric car soon! Check out the details here
Vodafone is also in talks with “many interested parties” to be able to sell the remaining shares in the Indus, the company said. Also Read: Penny Stocks to Buy in 2022: Experts offer purchase label Rs 5 multibagger THIS product