Bharti Airtel mulls 5% stake sale in tower unit

Bharti Airtel, the largest telecom services provider, is mulling the sale of a 5 per cent stake in its tower unit, Infratel, to raise close to Rs. 4,000 crore, according to sources.

Bharti presently owns 71.7 per cent in Infratel. The tower unit had a network of over 80,000 telecom towers as of December. The proceeds from the transaction, which will be an open market deal, are likely to be used to cut the company’s debt which stood at Rs.78,816 crore as at end December.

The company’s spokesperson declined to comment.

source:thehindu.com