Bharti Airtel to sell towers in Africa; stock gains

MUMBAI: Shares of Bharti Airtel gained momentum in trade following reports it plans to sell over a fifth of its telecom tower portfolio in Africa to Helios Towers Africa (HTA), as part of its overall strategy to sell-off its 15,000 towers to a clutch of independent tower companies.

The two companies didn't disclose the size of the 3,100-tower deal but, in a joint statement Wednesday, said that the proceeds would help Bharti Airtel pare debt.

The pact would also reduce the world's fourth largest telecom company's ongoing capital expenditure on passive infrastructure and help it focus on its core telecom business and customers.

At 09:28 a.m.; the stock was at Rs 342.95, up 0.85 per cent, on the BSE. It touched a high of Rs 345.55 and a low of Rs 343.05 in trade today.