Telecom major Bharti Airtel today said a few "reputed" global investors have approached it for buying a controlling stake in its mobile tower arm Bharti Infratel.
The telecom major, which holds 58 per cent in Bharti Infratel through its another subsidiary, said that a committee of directors (COD) of Bharti Airtel is considering the proposal received from the global firms.
"Airtel has been approached by a few reputed global investors to acquire a significant stake in Bharti Infratel which, if accepted, could result in such investors acquiring control of Bharti Infratel," the telco said in a statement.
"The COD has recommended that such proposals be duly considered," the statement said.
Bharti Airtel will hold 50.33 per cent stake while its wholly owned subsidiary Nettle Infrastructure Investments 11.32 per cent in Bharti Infratel.
"The board also noted the decision taken by the Board of its subsidiary Bharti Infratel on October 30, 2017 to explore and evaluate acquisition of stake in one or more tranches in Indus Towers Ltd with the aim of making it a subsidiary or wholly owned subsidiary," the statement said.
Bharti Infratel on Monday said it will explore acquiring additional stake in Indus Towers. Bharti Infratel and Vodafone India hold 42 per cent stake in Indus Towers and rest is held by Idea Cellular.
The deal between Bharti Infratel and Indus, if it happens, will create India's largest mobile tower company with about two-and-a-half times the size of its nearest rival BSNL, as per the industry figures.
The telecom major has been evaluating sale of Bharti Infratel since last several quarters to reduce its debt from the proceeds.
The Sunil Bharti Mittal-led firm has been hit by disruptive pricing of newcomer Reliance Jio and the resulting tariff war. The company today posted a 76.5 per cent plunge in consolidated net profit to Rs 343 crore for the September quarter, from Rs 1,461 crore for the July-September quarter of last fiscal.
The company's consolidated net debt rose to Rs 91,480 crore against Rs 87,840 crore in the previous quarter.
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