Indian tower company Indus Towers has added more than 16,000 towers to its portfolio after finalizing deals with Bharti Airtel and Bharti Hexacom.
The deal sees Indus acquire 12,700 towers from Airtel, plus an additional 3,400 towers from Bharti Hexacom, a subsidiary of Bharti Airtel.
The total value of the transaction is Rs3,308.7 crore ($379 million).
"The Board of Directors...have today, approved the acquisition of passive infrastructure assets/ telecom towers from Bharti Airtel Limited and Bharti Hexacom Limited, by way of slump sale," Indus Towers said in a regulatory filing.
A slump sale is where a business sells a particular unit or entire division as a single lump sum.
Indus Towers is India's biggest tower operator and owns more than 234,000 towers across the country, plus more than 386,000 colocation sites.
The company was founded in 2007 by Bharti Infratel, Vodafone Essar, and Idea Cellular, the latter two of which would eventually merge.
Last month, Vodafone Group completed the sale of its remaining stake in Indus. Earlier in 2024, Vodafone sold an 18 percent stake in Indus Towers, worth €1.7 billion ($1.78bn). Meanwhile, Airtel's stake in the company is worth 49 percent.
Private equity giant KKR and Canadian fund CPPIB sold their stakes in Indus in February.
