Bharti Airtel Ltd managed to rally as much as 2.3 per cent in a lacklustre market after media reports suggested that the telecom major is in advanced stage talks to sell its tower assets.
The telecom major is in advanced stage talks with American Tower Corporation (ATC) and Eaton Towers for selling its tower assets in several African countries, including Nigeria, Ghana and Uganda.
The telecom major is in advanced stage talks with American Tower Corporation (ATC) and Eaton Towers for selling its tower assets in several African countries, including Nigeria, Ghana and Uganda.
The deal is believed to be in the range of $1.5-2 billion, sources added. The proceeds from the deal is likely to be used for reduction of debt. The net debt of the company at the end of June 2014 stood at Rs 57,744.3 crore.
Airtel had in July sold 3,100 telecom towers in four African countries to Helios Towers Africa for an undisclosed sum. The company now has around 14,500 towers left in Africa.
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