Vodafone Group has completed the sale of its remaining stake in Indian tower company Indus Tower.

The company confirmed the sale today in a regulatory filing. Vodafone said the sale of its remaining three percent stake has generated INR 28.0 billion ($330 million) in proceeds.

Vodafone said it has used $105 million of the money to fully repay outstanding payments to existing lenders.

The company stated that the remaining $225 million has been used to increase Vodafone's stake in Indian carrier Vodafone Idea (Vi). Vodafone now owns a 24.39 percent stake in Vi, up from 22.56 percent.

The carrier announced last month that it was selling its remaining 79.2 million shares in the entity through an accelerated book-build offering.

Earlier in 2024, Vodafone sold an 18 percent stake in Indus Towers, worth €1.7 billion ($1.78bn).

Indus operates around 220,000 cell towers in India, with Bharti Airtel also a shareholder in the company. Airtel's stake in the company is worth 49 percent.

The company was founded in 2007 by Bharti Infratel, Vodafone Essar, and Idea Cellular, the latter two of which would eventually merge.

Private equity giant KKR and Canadian fund CPPIB sold their stakes in Indus in February.