Vodafone to sell 10% stake in Indus Towers for up to $1.1 billion

Vodafone Group will sell about 10 per cent stake in India’s Indus Towers for as much as $1.1 billion on Wednesday, per a term sheet seen by Reuters, as a part of the British firm’s efforts to repay debt.

Last week, Reuters reported that Vodafone was mulling to sell its stake in mobile-tower operator Indus Towers, in which it owns a 21.5 per cent stake via various group entities.

Vodafone plans to repay part of its $42.17 billion net debt using proceeds from the Indus Towers stake sale, sources had told Reuters last week.