Airtel to transfer 32% stake in Bharti Infratel to Nettle

New Delhi: Bharti Airtel Ltd will transfer as much as 32% stake it owns in tower company Bharti Infratel Ltd to wholly owned unit Nettle Infrastructure Investments Ltd to explore opportunities to monetize the asset, the telecom operator said on Tuesday.

Airtel and Nettle own 50.33% and 3.18%, respectively, in Bharti Infratel now. After the transfer of stake, which is scheduled to be completed on or after 18 March, Airtel and Nettle will own 18.33% and 35.18%, respectively, the company said in an exchange filing. The move is in line with Airtel’s earlier stated strategy to sell a controlling stake in Bharti Infratel, which is in the midst of a merger with Indus Towers.

In October 2017, Airtel said it has been approached by a few global investors to acquire a significant stake in Bharti Infratel, and if their interests are accepted, this could result in such investors acquiring control of Bharti Infratel.