Bharti Airtel was up 0.1% at Rs 348.15 at 12:54 IST after the company announced an agreement under which IHS Holding will acquire Bharti's over 1,100 telecom towers across Zambia and Rwanda.
The stock was volatile. The scrip hit high of Rs 349.70 and low of Rs 341.45 so far during the day.
Bharti Airtel said that the sale of telecom towers in the two African countries will allow the company to focus on its core business and customers, enable it to deleverage through debt reduction, and will significantly reduce its on-going capital expenditure on passive infrastructure in these African markets. As per the agreement with IHS Holding, Bharti Airtel will sell and lease back over 1,100 towers from IHS in Zambia and Rwanda under a 10-year renewable contract. This agreement will accelerate infrastructure sharing amongst operators and benefit customers in form of affordable tariffs and wider network coverage, said Christian de Faria, MD & CEO - Africa, Bharti Airtel.
The agreements are subject to statutory and regulatory approvals, Bharti Airtel said.
Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa.
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