AIRTEL-INDUS TOWERS DEAL, NEWS: BIG UPDATE FROM SUNIL MITTAL'S COMPANY ON VODAFONE GROUP'S STAKE SALE - DETAILS

Bharti Airtel is in talks to buy UK-based Vodafone Group's 21.05 per cent stake in Indus Towers, which could potentially give India's second ranked telco a controlling interest, told two people aware of the matter to Economic Times (ET).

If Vodafone Plc sells its Indus stake to Airtel, it could infuse some of the proceeds into Vodafone Idea (Vi), its cash-strapped, local telecom venture with the Aditya Birla Group, industry experts said.

However, talks are stuck over valuation, with the Sunil Mittal-led Airtel unwilling to acquire Vodafone's stake at the current Indus share price, which has jumped over 77 per cent since January. Airtel, instead, wants a valuation of Rs 210-212 a share, or the level at which US private equity fund KKR and Canadian pension fund CPPIB had sold stock in Indus in February 2024.

Airtel is the biggest shareholder in Indus, with 47.95%; Vodafone Group has 21.05 per cent and 30.97 per cent is with the public, according to the tower company's latest filing with the BSE.

A buyout of the Vodafone stake will boost Airtel's shareholding to 69 per cent.

2024-04-24T03:22:44Z dg43tfdfdgfd