Bharti Airtel to acquire Vodafone's 4.7% stake in Indus Towers

Deal conditional upon Vodafone infusing fresh equity in Vodafone Idea and simultaneously remitted to Indus Towers to clear VIL's outstanding dues

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.

Airtel did not disclose the deal value but said