Cellular network service provider Bharti Airtel on Friday said its deal to complete a sale of 3,500 telecom towers in Africa had collapsed.
"The agreements for sale of tower assets in Africa between Bharti Airtel Malawi Holdings B.V. & ors. And Eaton Towers (Lilongwe) Ltd & ors. has lapsed and therefore stands terminated," Airtel said in a regulatory filing.
As part of the deal, Airtel was to sell and lease back over 3,500 towers to Eaton in six countries across its African operations under a 10-year contract.
The news comes at a time when India's telecom regulator has announced new norms and date for implementation of compensation for dropped calls which might see the company shell out a huge sum of money daily.
Shares of Bharti Airtel were trading at Rs.344.40, down 2.01 percent from previous close on BSE.