Vodafone Is Selling 5% Stake In Indus Towers To Bharti Airtel
Vodafone is selling a 5% stake in Indus Towers to Bharti Airtel.
British telecom giant Vodafone Plc is in talks with Bharti Airtel to sell a five percent stake in telecom infrastructure company Indus Towers Ltd, according to industry sources.
Banking sources said Vodafone Plc is also planning to sell a 2.4 percent stake in Indus Towers for Rs 1,490 crore through a block deal.
The block deal will be executed through Euro Pacific Securities, a part of Vodafone Group, which holds a 7.59 percent stake in Indus Towers.
Banking sources said the shares in the block deal are expected to be floated in a price range of Rs 227-231.
When contacted, Vodafone declined to comment. E-mails sent to Bharti Airtel also did not elicit any response.
Industry sources said Vodafone is in talks to sell its 5 percent stake in Indus Towers to Bharti Airtel.
Indus Towers is a company worth Rs 3,300 crore and Vodafone has a total stake of 28 percent in it. The proceeds from this deal will be transferred to Vodafone Idea Limited.
Indus Towers was earlier known as Bharti Infratel Limited. It erects, owns, and manages telecom towers. It plays a role in telecommunication towers and communication structures for various mobile operators.
Indus Towers has 1,84,748 telecom towers, making it one of the largest tower infrastructure providers in the country.
It has a presence in all 22 telecom circles of the country. Indus Towers provides services to all wireless telecom service providers in India.
Indus Towers reported a growth of nearly 16 percent in consolidated profit at Rs 1,570.8 crore for the three months ended December 2021 as against revenue of Rs 6,927 crore during the same period.
People got about 1 lakh jobs due to the Ujjwala scheme, said Minister Rameshwar Teli
With the implementation of Pradhan Mantri Ujjwala Yojana (PMUY), about one lakh people have got employment through the LPG distribution system.
In the last five years, the coverage of LPG has increased by 61.9 percent, with which it has reached near the level of completion.
This information has been given by the Minister of State for Petroleum and Natural Gas, Rameshwar Teli.
Addressing a post-budget webinar organized to accelerate development and make public welfare schemes effective, he said that as part of the Prime Minister’s Garib Kalyan Package.
More than 14 crores were filled to the beneficiaries of Pradhan Mantri Ujjwala Yojana during the COVID-19 situation. The cylinders are given free of cost.
