Airtel, Voda Idea sell entire stake in Firefly Networks to iBus for Rs 9 cr

Firefly Networks, a Wi-Fi infrastructure company, is a 50-50 joint venture between Bharti Airtel and Vodafone Idea.

By  Storyboard18Jan 7, 2025 9:13 AM
Airtel, Voda Idea sell entire stake in Firefly Networks to iBus for Rs 9 cr
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.

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).


Tags
First Published on Jan 7, 2025 9:13 AM

More from Storyboard18

How it Works

Zee Entertainment sells Hyderabad property for Rs 99 cr amid strategic asset monetisation

Zee Entertainment sells Hyderabad property for Rs 99 cr amid strategic asset monetisation

How it Works

44% of India’s smartphone sales in 2024 came from Gen Z: Report

44% of India’s smartphone sales in 2024 came from Gen Z: Report

How it Works

60% not familiar with AI; only 31% have tried a Gen AI tool: Google-Kantar report

60% not familiar with AI; only 31% have tried a Gen AI tool: Google-Kantar report

Brand Makers

Unilever sees strong growth prospects in India, driven by market share gains, favorable economic factors: CFO Srinivas Phatak

Unilever sees strong growth prospects in India, driven by market share gains, favorable economic factors: CFO Srinivas Phatak

How it Works

I&B Ministry asks OTT platforms to enhance accessibility features for persons with disabilities

I&B Ministry asks OTT platforms to enhance accessibility features for persons with disabilities

How it Works

Pakistan Super League faces uncertainty as Pakistan govt sends back Indian broadcast crew

Pakistan Super League faces uncertainty as Pakistan govt sends back Indian broadcast crew

How it Works

ED detains Gensol's Puneet Singh Jaggi in alleged money laundering case; conducts searches against firm

ED detains Gensol's Puneet Singh Jaggi in alleged money laundering case; conducts searches against firm

How it Works

Media buying disruption prompts brands to explore AI Agents

Media buying disruption prompts brands to explore AI Agents