Bharti Airtel has revealed that it has raised USD 1.3 billion with the sale of various mobile towers in five African countries. According to the company, the total proceeds from the transactions will be utilised to reduce the debt of the company.
In February Airtel said it completed the sale of some towers in Rwanda and Zambia to IHS. Last month, Airtel revealed that a proposed deal with Helios Towers in Tanzania and Chad had expired without a final agreement; however, Airtel is still working with Helios in other countries. The India-based operator said it is negotiating similar deals for another six countries in Africa.
According to economictimes.indiatimes.com, over the past year, Bharti Airtel has been inking pacts to sell its mobile towers in Africa. This is due to the company being stung by the high costs of running the infrastructure which has been weighing down the telco’s consolidated results.
According to the report, Bharti Airtel’s Africa business is yet to make a profit since it entered the continent five years ago. For the quarter to March, its Africa revenues declined 12.6% on-year while net losses swelled to $183 million, largely triggered by currency volatility.