Airtel says not in talks to buy Vodafone Group’s stake

New Delhi: Telecom operator Bharti Airtel on Wednesday said it is not in discussions to acquire British telecom giant Vodafone Group’s about 21 per cent stake in Indus Towers.

In a BSE filing, Airtel asserted that it has no desire to raise its stake beyond what is required for financial consolidation of Indus in the company “which shall be done as and when appropriate with compliance of applicable disclosure requirements”. Bharti Airtel holds 47.95 per cent stake in Indus Towers. “...we wish to clarify that the Bharti Airtel is not in any discussion with Vodafone Group to acquire such stake in Indus Towers Limited,” Airtel said, refuting reports that the Sunil Mittal-led telco was eyeing Vodafone’s 21.05 per cent stake in Indus. Indus is a provider of critical infrastructure services to the telecom industry and Airtel relies heavily on it.

“Airtel will therefore always ensure that Indus remains in robust health and financially stable,” it said. Indus Towers, one of the largest passive telecom infrastructure providers in India, is slated to announce its March quarter and FY24 results on April 30, 2024. The tower major had posted a consolidated profit after tax of Rs 1,541 crore for December 2023 quarter, against a loss of Rs 708 crore in the year-ago period. The company’s consolidated revenue grew six per cent in the third quarter of the previous fiscal (Q3FY24) to Rs 7,199 crore from Rs 6,765 crore a year ago. The telecom infrastructure company in last earnings call on January 24 had said it has collected and recognised on its books an amount of Rs 300 crore against the past dues, along with 100 per cent monthly collection from a major customer.