Airtel sells 8,300 mobile towers in Africa and makes a neat $1.7bn

Telecom major Bharti Airtel has finished the sale of around 8,300 mobile towers in Africa for $1.7 billion (about Rs 11,000 crore) to reduce its debt of Rs 68,134.5 crore.

The company has around 14,000 mobile towers in Africa and has decided to exit the tower business.

The company said in a statement today: "We have completed the sale transactions in seven countries for approximately 8,300 towers representing close to 60% of the total tower base."

The agreements to sell mobile towers have lapsed in four countries while the process is on in two countries, according to the company.

Airtel said that sales and lease back shall continue to remain a strategic priority for Airtel in all its operating countries across Africa and accordingly the balance towers will also be disposed over a period of time.

(Image: Indiatimes)