Bharti Airtel to offload entire 50% stake in Firefly Networks

7 Jan 2025 , 09:15 AM

Bharti Airtel has announced that it will sell its whole 50% ownership in Firefly Networks to iBus Network and Infrastructure via a Share Purchase Agreement signed on January 6, 2025.

The ₹45 Million acquisition is scheduled to close within 30 business days, provided closing conditions are met.

Firefly Networks, a joint venture between Bharti Airtel and Vodafone Idea, contributed only 0.0065% of Airtel’s consolidated revenue and 0.0007% of its net worth in FY24. Following the transaction, Firefly will no longer be a joint venture of Bharti Airtel.

The transaction has no related parties and complies with SEBI’s Listing Obligations and Disclosure Requirements (LODR). Airtel explained that Firefly is not classified as a ‘undertaking’ under SEBI laws.

The decision is considered part of Airtel’s aim to streamline operations and concentrate on its key business verticals. Stock exchanges and regulatory agencies have been notified, and all necessary modifications are being made for compliance.

In Q2FY25, the company’s net profit grew 168% YoY to ₹3,593 Crore, while ARPU jumped to ₹233. The company’s income from operations for the quarter was ₹41,473 Crore, up 12% from ₹37,044 Crore in the same period last year.

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