Comments
Bharti Airtel today said the deal to sell over 3,500 telecom towers in Africa to Eaton Towers has lapsed and stands terminated.
“The agreements for sale of tower assets in Africa between Bharti Airtel Malawi Holdings B.V. & ors. and Eaton Towers (Lilongwe) Ltd & ors. has lapsed and therefore stands terminated,” Bharti Airtel said in a regulatory filing.
Last year in September, Airtel announced that it has sold over 3,500 telecom towers in Africa to Eaton Towers.
As part of the deal, Airtel was to sell and lease back over 3,500 towers to Eaton in 6 countries across its African operations under a 10—year contract.
The company had said the agreement would allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction, and would significantly reduce its on—going capital expenditure on passive infrastructure.
Shares of Bharti Airtel were trading at Rs 344.85, down 1.88 per cent from previous close on BSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.