Bharti Airtel to buy Vodafone's 4.7% stake in Indus Tower


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New Delhi: Bharti Airtel on Friday said it has signed an agreement to buy Vodafone's 4.7 percent stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing its dues towards the mobile tower company.

Vodafone, Idea (Vi) has been unable to pay dues to Indus Towers and both Vi and promoter Vodafone have proposed
a payment plan to clear the outstanding amount by July 15.

"Bharti Airtel 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 said.

Source: PTI