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regular-article-logo Monday, 24 June 2024

Bharti Airtel not engaging in discussions to acquire Vodafone Group’s 21 per cent stake in Indus Towers

At present, Airtel holds 47.95 per cent stake in Indus Towers, reports suggesting Airtel’s interest in acquiring Vodafone’s stake were refuted by telecom company

Our Special Correspondent New Delhi Published 25.04.24, 10:27 AM
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Bharti Airtel has clarified that it is not engaging in any discussions to acquire Vodafone Group’s approximately 21 per cent stake in Indus Towers, according to a filing with the Bombay Stock Exchange.

“We wish to clarify that Bharti Airtel is not in any discussion with Vodafone Group to acquire such a stake in Indus Towers Limited,” Airtel said.

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Airtel emphasised its intention to maintain its stake in Indus Towers at a level necessary for financial consolidation within the company, subject to disclosure requirements.

At present, Airtel holds a 47.95 per cent stake in Indus Towers. Reports suggesting Airtel’s interest in acquiring Vodafone’s stake were refuted by the telecom company.

Indus Towers plays a pivotal role in providing critical infrastructure services to the telecom sector, upon which Airtel heavily relies. Airtel affirmed its commitment to ensuring the financial stability and robust health of Indus Towers.

Indus Towers, a leading provider of passive telecom infrastructure in India, is set to disclose its financial results for the March quarter and fiscal year 2024 on April 30, 2024.

In the December 2023 quarter, the tower major reported a consolidated profit after tax of Rs 1,541 crore, a significant improvement from the loss of Rs 708 crore in the previous year.

Consolidated revenue for the third quarter of the previous fiscal year grew 6 per cent to Rs 7,199 crore.

During its last earnings call on January 24, the telecom infrastructure company announced the recognition
of Rs 300 crore against past dues and 100 per cent monthly collection from a major customer.

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