Airtel acquires 23 pc stake in Indus Towers held by subsidiary Nettle Infra

Bharti Airtel has increased its direct stake in Indus Towers by acquiring 23.01 percent shares held by its completely owned subsidiary Nettle Infrastructure, a regulatory filing said on February 4.

Bharti Airtel now holds a 47.95 percent stake in Indus Towers. The telecom operator earlier directly held a 24.94 percent stake and 23.01 percent through its subsidiary Nettle Infrastructure.

Bharti Airtel has acquired the 23.01 percent stake in Indus Towers from Nettle to directly own 47.95 percent of the mobile tower firm.

This is pursuant to the “composite scheme of amalgamation approved by the Hon’ble National Company Law Tribunal, Chandigarh bench, vide its order dated January 25, 2023, and becoming effective from February 1, 2023”, the filing said.

During the second quarter of the current fiscal (Q2FY23), the telecom operator’s consolidated net profit rose 89 percent to Rs 2,145.2 crore against Rs 1,134 crore reported a year back, thanks to strong growth in data traffic.

The profit was in line with analysts’ projections.

Its total revenue stood at Rs 34,526.8 crore, up 22 percent from Rs 28,326.4 crore reported in the corresponding quarter last year.

Analysts had estimated a 75 to 110 percent year-on-year (YoY) growth in net profit while revenue growth was pegged at around 20 percent. PTI