Vodafone to dilute 5% stake in Indus Towers

Vodafone Group is looking to sell its 5% stake in Indus Towers to  Bharti Airtel. Currently, the 5% stake owned by the Vodafone Group is valued at Rs.3,300 cr. Indus Towers formerly known as Bharti Infratel is one of the biggest telecom tower installing company and builds others telecom infrastructure as well. It has 184,748 towers in the country. It reported a net profit of Rs.1,571 crores in quarter three. Vodafone Group will use this amount to invest in its loss making company Telecom Company- Vodafone Idea (VI). According to the market analysts, the telecom company needs immediate funds to facilitate its everyday operations. In its recently announced Q3 results, it reported a net loss of Rs.7,234 cr. In terms of subscribers, the company lost 5.8 million subscribers. Apart from diluting its equity in Indus Towers, the company is also considering selling its overseas bond.