Vodafone Idea gets Rs 3,760 crore by selling 11.15% stake in Indus Towers after merger with Infratel

Kolkata: Vodafone Idea Ltd (Vi) has received Rs 3,760.1 crore in cash by selling its 11.15% stake in Indus Towers to the entity created after the completion of the merger of the tower company with Bharti Infratel.

The merged entity — named Indus Towers Ltd — will be one of the world’s biggest telecom tower companies with 1,69,000 towers and will be headed by Bimal Dayal as the MD and CEO. It will have a new board comprising the likes of Bharti Airtel CEO Gopal Vittal and Vodafone Idea MD Ravinder Takkar as non-independent directors. Bharti Infratel Chairman Akhil Gupta, along with six others, resigned from the board.