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Report: Vodafone India in talks to sell Indus stake to Bharti Infratel

Talks are underway for Vodafone India to sell its entire 42% stake in Indus Towers Ltd. to Bharti Infratel Ltd. via a share-swap deal, The Economic Times reported, citing two sources aware of the discussions.

The deal value, pegged at $5 billion, could change due to the cancellation of tower rental agreements — a result of the ongoing consolidation in the telecom sector. Cancellation of tower rentals will significantly hurt the operating profits of Indus, which in turn could lower its valuation, the report said.

The Bharti Airtel Ltd. unit already holds a 42% stake in Indus, and raising its stake to 84% will likely revive investor interest in the company. In October 2017, it was reported that a consortium led by KKR & Co. LP is in talks to acquire Bharti Infratel and Indus Towers for $11 billion, but negotiations have reportedly been in limbo for months.