The sale is part of a broader cash deal announced in February, under which Indus Towers agreed to acquire 12,700 towers from Bharti Airtel and another 3,400 from Hexacom
In sum – what to know:
Shareholders back Indus sale – 88.28% of Bharti Hexacom shareholders approved selling 3,400 towers to Indus Towers, clearing a deal previously stalled by valuation disputes.
Part of larger Airtel deal – The transaction is tied to a broader INR33.087 billion agreement where Indus will acquire 16,100 towers from Bharti Airtel and Hexacom combined.
Valuation questions unresolved – TCIL initially blocked the sale over pricing concerns, and it’s still unclear if the original INR11.34 billion valuation of Hexacom’s assets was adjusted.
Bharti Hexacom, a subsidiary of Indian telecom group Bharti Airtel, has secured shareholder approval to sell 3,400 telecom towers to Indus Towers, after initial resistance from minority shareholder Telecommunications Consultants India (TCIL), according to Indian press reports.
The sale is part of a broader INR33.087 billion ($378 million) cash deal announced in February, under which Indus Towers agreed to acquire 12,700 towers from Bharti Airtel and another 3,400 from Hexacom. Hexacom operates consumer mobile, fixed-line, and broadband services in Rajasthan and India’s Northeastern states.
In April, reports indicated TCIL — which owns a 15% stake in Hexacom — blocked the sale due to a dispute over tower valuation. The state-owned company had called for a new assessment before approving the transaction.
At the time of signing, Hexacom’s 3,400 towers were valued at INR11.34 billion. However, it remains unclear whether this valuation was revised before shareholders voted, according to the reports.
According to a regulatory filing cited by Press Trust of India, 88.28% of Hexacom shareholders approved the deal during the company’s 30th annual general meeting this week.
As the largest tower operator in India, in manages over 234,000 towers nationwide, along with more than 386,000 colocation sites.
Founded in 2007 by Bharti Infratel, Vodafone Essar and Idea Cellular, Indus Towers emerged from a partnership between these entities, with the latter two merging later. Last month, U.K-based Vodafone Group has finalized the sale of its remaining 3% stake in the Indian company.
The company reported that $105 million from the sale proceeds has been used to fully repay outstanding debts to existing lenders. The remaining $225 million was allocated to increase Vodafone’s ownership in Indian telecom operator Vodafone Idea. With this investment, Vodafone’s stake in Vodafone Idea has increased from 22.56% to 24.39
