Indian telecommunications service providers Bharti Airtel and Vodafone Idea have signed an agreement to sell their entire stake in Firefly Networks to iBus Network and Infrastructure through a share purchase agreement dated January 6, 2025.
Firefly Networks, a Wi-Fi infrastructure company, is a 50-50 joint venture between Bharti Airtel and Vodafone Idea.
iBus offers IBS and last-mile connectivity solutions and acts as a neutral infrastructure provider for major telco operators including Reliance Jio, Bharti Airtel, Vodafone Idea, and Crome.
The individual deal is valued at Rs 45 million (Rs 4.5 crore) and is expected to close within 30 business days from the execution of the agreement.
Both telcos confirmed the development in their respective filings.
“…we hereby inform you that Bharti Airtel Limited (the ‘Company’) has entered into a Share Purchase Agreement with iBus Network andInfrastructure Private Limited for transfer of Company’s entire stake (i.e. 50%) in Firefly Networks Limited (‘Firefly’). The said transfer is subject to completion of closing conditions. Upon transfer of aforesaid stake, Firefly would cease to be a Joint Venture of the Company,” Bharti Airtel said in its exchange filings.
Firefly’s contribution to Airtel’s turnover and net worth in fiscal 2024 stood at 0.0065% and 0.0007%, respectively. Firefly contributed Rs 5.5 crore to Vodafone’s losses in FY24 but had no contribution to its net worth.
Vi informed the exchanges through a regulatory filing on January 7 that it has entered into a Share Purchase Agreement with iBus for the transfer of the company’s entire shareholding (50%) in Firefly for Rs 45 million (Rs4.5 crore).