Vodafone in talks to sell Indus Towers stake
Vodafone is in talks with Canadian pension fund Caisse de depot to sell its 21% stake in Indus Towers.
Indus Towers is India’s largest mobile tower installation company, and offers passive infrastructure services to telcos and other operators.
Due diligence is expected to begin but discussions are said to be at a preliminary stage.
Vodafone already sold 7.1% of Indus, 2.4% via a book build offering and 4.7% to Bharti Airtel, which is the largest shareholder.
Earlier this year, it was revealed that Vodafone was in talks with America Tower Co, Crown Castle International, Brookfield Asset Management and other long-term sovereign and pension money managers to sell its stake in the tower firm.
Vodafone’s Indian subsidiary Vodafone Idea has undergone a turbulent period, as the government took a 36% stake in the company earlier this year as existing shareholders had their shares diluted.
Indus Towers’ shares plunged a few weeks ago, falling around 7% as it reported a 66% year-on-year decline in net profit.