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Telecom operator Bharti Airtel Ltd said on Friday it agreed to buy Vodafone Group Plc’s 4.7% stake in India’s largest cell tower firm Indus Towers Ltd.
Britain’s Vodafone said earlier this week it was looking to sell its entire 28.1% stake in Indus Towers.
Airtel said it 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.
“The said acquisition purchase would be at an attractive price representing a significant discount typically available for such large block transactions. In addition, Airtel is also protected with a capped price which is lower than the price for the block of Indus shares sold by Vodafone on February 24, 2022. This shall be value accretive to Airtel and protect its existing significant shareholding in Indus Towers,” said Airtel in a statement.
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