Telecom Giants Sell Wi-Fi Stakes to iBus Network

Bharti Airtel and Vodafone Idea have sold their entire stakes in Firefly Networks to iBus Network for Rs 9 crore. The deal, set to conclude within 30 business days, positions iBus as a leading Wi-Fi infrastructure provider in India, backed by notable investors.

In a strategic divestment move, telecom leaders Bharti Airtel and Vodafone Idea have offloaded their entire stakes in Firefly Networks to iBus Network and Infrastructure for Rs 9 crore. The telecom operators confirmed the deal in separate regulatory filings this Monday. Firefly Networks, a joint venture equally owned by Vodafone Idea and Bharti Airtel, is set to transition ownership following this agreement.

The transaction, anticipated to close within 30 business days from the agreement's execution, will see each telecom giant earning Rs 45 million from the realisation of its 50% stake. This development marks a significant reallocation of resources in the operators' financial strategy, potentially influencing the market dynamics in India's telecommunications sector.

Firefly Networks has been instrumental as a Wi-Fi hotspot manager, optimising connectivity across major Indian cities at venues like educational institutions, hospitals, and corporate parks. On the receiving end, iBus Network and Infrastructure enhances its portfolio with these assets, bolstered by support from renowned investors including the National Investment and Infrastructure Fund and the International Finance Corporation. With a focus on in-building telecom networks and Wi-Fi managed services, iBus is poised for enhanced market presence.

(With inputs from agencies.)