Bharti Airtel to sell over 15,000 towers in Africa: Report

In a bid to reduce debt, Bharti Airtel is reportedly planning to sell over 15,000 towers in Africa for about $2-3 billion. In this regard, the company has shortlisted four companies for the sale including Helios Towers Africa, American Tower Corporation and Eaton Towers. The net debt of the company at the end of March 31, 2014 stood at Rs 60,541.6 crore. The company has also been raising money through foreign currency bonds in order to reduce debt. In May, it raised around $2 billion in a dual currency international bond sale. Airtel had entered the African market in 2010 after acquiring Zain Telecom for about $10.7 billion. The company now offers services in 17 African countries but is yet to turn profitable. Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.