Mobile Tower Sale

Bharti Hexacom has received approval from the majority shareholders at its 30th annual general meeting to sell mobile towers to its sister concern for Rs 1,134 crore, according to a regulatory filing on Wednesday. The Bharti Airtel group shared that its resolution "to approve material related party transactions with Indus Towers Limited, a related party" has been approved with 88.28 per cent votes at the annual general meeting. Sources said that state-run Telecom Consultants of India (TCIL), which holds a 15 per cent stake in the company, had opposed the deal, citing valuation issues. According to the postal ballot notice of Bharti Hexacom dated February 14, as cited in the AGM report, a deal to sell its tower to Indus Towers was agreed upon for Rs 1,134.1 crore. Bharti Hexacom received approval from the majority of shareholders on March 16 for the deal. The company, in an update on April 9, shared that TCIL had requested to start the process afresh as per its requirement. The vot

Airtel Africa's tower assets in Tanzania have been acquired by a joint venture company owned by SBA Communications Corporation and Paradigm Infrastructure Ltd

Bharti Airtel has placed a bid of around Rs 1,800 crore for the same, according to the sources

The value of each cell tower varies from Rs 30 lakh to Rs 70 lakh, depending on the number of tenants and the length of the contracts