RhysFrisina87 at 14:10, 18 January 2026

2026-01-18T14:10:25Z

New page

{{Short description|Indian telecommunications tower company}}
{{Use dmy dates|date=June 2018}}
{{Use Indian English|date=June 2018}}
{{Infobox company
| name = Indus Towers Limited
| logo = Indus Towers logo.svg
| logo_size = 100px
| logo_upright = 
| logo_alt = Logo of Indus Towers
| logo_caption =
| image =
| image_size =
| image_upright = 
| image_alt =
| image_caption =
| type = [[Public company|Public]]
| traded_as = {{ubl|{{BSE|534816}}|{{NSE|INDUSTOWER}}}}
| ISIN = INE121J01017
| industry = [[Telecommunications]]
| predecessor = [[Bharti Infratel]]
| founded = {{Start date and age|2007|11}}
| hq_location = [[Cyber City, Gurgaon|DLF Cyber City]]
| hq_location_city = [[Gurugram]], [[Haryana]]
| hq_location_country = India<ref>{{cite web |title=Contact Us |url=https://www.industowers.com/contact/ |website=Indus Towers |access-date=21 May 2023 |date=28 March 2018}}</ref>
| num_locations = 219,736 towers<ref>{{cite web |title=Home page |url=https://www.industowers.com/ |website=Indus Towers |access-date=21 May 2023}}</ref>
| num_locations_year = FY24
| area_served = India
| key_people = {{ubl|N. Kumar (chairman)|Prachur Shah (MD & CEO)<ref>{{cite web |title=Board of Directors |url=https://www.industowers.com/investor/corporategovernance/#board-of-directors |website=Indus Towers |access-date=21 May 2023 |date=7 May 2019}}</ref>}}
| services =
| revenue = {{up}} {{INRConvert|30123|c}}
| revenue_year = 2025
| operating_income = {{up}} {{INRConvert|13154|c}}
| income_year = 2025
| net_income = {{up}} {{INRConvert|9932|c}}
| net_income_year = 2025
| assets = {{up}} {{INRConvert|63168|c}}
| assets_year = 2025
| equity = {{up}} {{INRConvert|32498|c}}
| equity_year = 2025
| owners = {{ubl|[[Bharti Airtel]] (51.03%)<ref name = "shareholding"/>}}
| num_employees = 3,554<ref name="AR22">{{cite web |title=Annual Report 2023-24 |url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/bb10a6b9-94b9-45ba-ad71-8a803ad3ff9d.pdf |website=Indus Towers |access-date=30 April 2024}}</ref>
| num_employees_year = FY24
| divisions =
| subsid =
| website = {{URL|https://www.industowers.com/}}
| footnotes =
| embed =
}}

'''Indus Towers Limited''' is an Indian [[telecommunications]] infrastructure company offering passive [[Infrastructure as a service|infrastructure services]] to [[Mobile network operator|mobile network operators]] and other wireless services providers. Headquartered in [[Gurugram]], [[Haryana]], Indus Towers was incorporated in November 2007 by [[Bharti Infratel]] (a subsidiary of [[Bharti Airtel]]), [[Vodafone India|Vodafone Essar]], and [[Idea Cellular]], to provide shared telecom infrastructure to telecom operators on a non-discriminatory basis.

Bharti Infratel merged with Indus Towers on 19 November 2020, creating one of the largest [[Cell site|mobile tower]] infrastructure operators in the world.<ref>{{cite news |date=20 November 2020 |title=Largest tower company in world outside China! Indus Towers, Bharti Infratel merger complete |publisher=[[Business Today (India)|Business Today]] |url=https://www.businesstoday.in/sectors/telecom/largest-tower-company-indus-towers-bharti-infratel-merger-complete/story/422492.html}}</ref> Post-merger, Bharti Airtel held a 36.73% stake in Indus Towers, with [[Vodafone|Vodafone Group Plc]] holding 28.12%,<ref name=":0" /> and 3.1% shares held by [[Providence Equity]].<ref name="shareholding" />

Currently Indus Towers is a subsidiary of Bharati Airtel after the latter increased it's stake to 50.005% & Vodafone Group Plc exited the company

Indus Towers Limited has over 192,874 towers and 342,831 co-locations and a nationwide presence covering all 22 telecom circles.<ref name="livemint.com">{{cite news |last1=Guha |first1=Ishita |title=Indus Towers Q3 net profit up 2% at ₹1,360 crore |url=https://www.industowers.com/investor/company-profile/|publisher=[[Livemint]] |date=28 January 2021}}</ref> It has the widest coverage in India and has already achieved 289,000 tenancies, a first in the telecom tower industry globally.<ref>{{Cite news|url=http://economictimes.indiatimes.com/news/economy/policy/merger-to-give-vodafone-idea-more-negotiating-powers-in-divesting-indus-tower-stake/articleshow/57761645.cms|title=Merger to give Vodafone, Idea edge in divesting Indus Towers stakes|last1=Sengupta|first1=Devina|date=2017-03-22|work=The Economic Times|access-date=2017-07-25|last2=Banerjee|first2=Niharika}}</ref><ref>{{Cite news|url=http://economictimes.indiatimes.com/news/company/corporate-trends/indus-towers-to-invest-rs-100-crore-to-set-up-500-new-sites-across-india/articleshow/55683542.cms|title=Indus Towers to invest Rs 100 crore to set up 500 new sites across India|last=Aulakh|first=Gulveen|date=2016-11-29|work=The Economic Times|access-date=2017-07-25}}</ref> Some of its major customers include Airtel, Bharti Hexacom, [[Jio]] and [[Vodafone Idea Ltd|Vi]].<ref name="livemint.com" />

== History ==
Indus Towers Limited was founded in November 2007 by [[Bharti Infratel]], [[Vodafone India|Vodafone Essar]], and [[Idea Cellular]], with the goal of merging their passive infrastructure assets across 16 telecom circles.<ref>{{Cite news |date=2009-11-20 |title=Indus raises Rs 10000 crore to pay off loans |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/telecom/indus-raises-rs-10000-crore-to-pay-off-loans/articleshow/5252771.cms?from=mdr |access-date=2023-05-21 |issn=0013-0389}}</ref> It was incorporated with an objective to provide shared telecom infrastructure to telecom operators on a non-discriminatory basis.<ref>{{Cite news|url=http://www.financialexpress.com/archive/teri-and-indus-towers-jointly-ink-mou-on-developing-innovative-renewable-energy-solutions/318567/|title=TERI and Indus Towers jointly ink MoU on developing innovative renewable energy solutions|work=The Financial Express|access-date=2017-07-25|language=en-US}}</ref> Bharti Infratel held a 42% stake in the company, with [[Vodafone|Vodafone Group Plc]] holding 42% and [[Vodafone Idea]] holding 11.15%.<ref name=":1">{{Cite news |date=2020-11-20 |title=Bharti Infratel, Indus merger complete; VIL gets ₹3,760 cr in cash for 11.15% holding in Indus |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/Industry/bharti-infratel-indus-merger-complete-vil-gets-3760-cr-in-cash-for-1115-holding-in-indus/article33138890.ece |access-date=2023-05-21 |issn=0971-751X}}</ref> The remaining 4.85% stake was held by private equity firm [[Providence Equity]].<ref>{{Cite web |last=Kundu |first=Navadha Pandey, Rhik |date=2018-04-25 |title=Infratel, Indus merge to form a tower giant |url=https://www.livemint.com/Industry/GwT2LjndrV3OzfTncD20nM/Bharti-Infratel-Indus-Towers-announce-merger-to-create-tele.html |access-date=2023-05-21 |website=mint |language=en}}</ref>

=== Bharti Infratel merger ===

In 2017, reports suggested that Bharti Infratel was looking to acquire the 53% stake in Indus Towers, owned by Vodacom Group and Vodafone Idea.<ref>{{Cite news|url=http://www.livemint.com/Industry/PjsOVZLNNhskBfdWgEbHnK/Bharti-Infratel-said-to-sound-out-banks-to-fund-8-billion-I.html|title=Bharti Infratel said to sound out banks to fund $8 billion Indus Towers deal|last=Alexander|first=George Smith|date=2017-06-01|work=livemint.com/|access-date=2017-07-25}}</ref> However, in July, the head of Vodafone stated that they were "actively considering" a float of their stake in Indus Towers. Vodafone went on to deliver a formal mandate to both [[Bank of America Merrill Lynch]] and [[Morgan Stanley]] to finalize buyers.<ref>{{Cite news|url=http://economictimes.indiatimes.com/news/economy/policy/tower-sale-plan-of-vodafone-idea-gathers-steam-ahead-of-merger/articleshow/59394089.cms|title=Tower sale plan of Vodafone, Idea gathers steam ahead of merger|last1=Parbat|first1=Kalyan|date=2017-07-01|work=The Economic Times|access-date=2017-07-25|last2=Kalesh|first2=Baiju}}</ref><ref>{{Cite news|url=http://www.businessinsider.in/Vodafone-India-Idea-merger-on-fast-track-Individual-towers-to-be-sold-at-the-earliest/articleshow/59399370.cms|title=Vodafone India-Idea merger on fast track: Individual towers to be sold at the earliest|work=Business Insider|access-date=2017-07-25}}</ref>

[[Bharti Airtel]] (Bharti Infratel's parent company), Vodafone Group, and Vodafone Idea announced on 25 April 2018 that they had signed an agreement to [[Mergers and acquisitions|merge]] Bharti Infratel with Indus Towers.<ref>{{Cite web |title=Merger of Bharti Infratel and Indus Towers: creating a listed pan-India tower company |url=https://www.vodafone.com/news/technology-news/merger-of-bharti-infratel-and-indus-towers |access-date=2023-05-21 |website=Vodafone.com}}</ref> Under the terms of the agreement, Bharti Infratel will transfer 1,565 of its own shares for each Indus Towers share valuing the latter at $10 billion. Other major shareholders in Indus Towers such as Idea Cellular and Providence Equity Partners would be provided an option to cash out.<ref>{{cite web |title=India's Bharti Infratel, Indus merging to form $14.6 billion... |url=https://www.reuters.com/article/us-indus-towers-bharti-infratel/indias-bharti-infratel-indus-merging-to-form-14-6-billion-telecom-tower-giant-idUSKBN1HW0C8 |website=Reuters |accessdate=29 March 2019 |language=en |date=25 April 2018}}</ref> Prior to the merger, shareholding in Indus Towers was Bharti Infratel (42%), Vodafone Group (42%), Idea Cellular (11.15%) and Providence Equity Partners (4.85%).<ref>{{cite web |last1=Sengupta |first1=Devina |title=Bharti Infratel-Indus Towers merger likely to complete in the first quarter of next fiscal |url=https://economictimes.indiatimes.com/industry/telecom/telecom-news/bharti-infratel-indus-towers-merger-likely-to-complete-in-the-first-quarter-of-next-fiscal/articleshow/67456706.cms |website=The Economic Times |accessdate=29 March 2019 |date=9 January 2019}}</ref>

The merger was originally planned to go through before October 2019. However, due to delays in approvals, it was postponed to December 2019 by when the [[Department of Telecommunications]] (DoT) was supposed to give its permission. Owing to further delays by the DoT and the [[National Company Law Tribunal]] the deadline was extended multiple times to 24 June 2020.<ref>{{Cite web |date=10 June 2020 |title=Bharti Infratel-Indus Towers merger may finally go through: Here's what the deal could look like |url=https://www.cnbctv18.com/telecom/bharti-infratel-indus-tower-merger-may-finally-go-through-heres-what-the-deal-could-look-like-6108991.htm |access-date=1 July 2020 |website=cnbctv18.com |language=en-US}}</ref><ref>{{Cite web |last=Leo |first=Leroy |date=23 April 2020 |title=Lockdown delays Bharti Infratel-Indus Towers merger, deal postponed for 4th time |url=https://www.livemint.com/companies/news/lockdown-delays-bharti-infratel-indus-towers-merger-deal-postponed-for-4th-time-11587648419533.html |access-date=8 August 2020 |website=Livemint |language=en}}</ref>

The DoT approved the merger on 21 February 2020.<ref>{{Cite web |date=2020-02-21 |title=DOT approves merger of Indus Towers with Bharti Infratel |url=https://www.deccanherald.com/business/business-news/dot-approves-merger-of-indus-towers-with-bharti-infratel-806888.html |access-date=2023-05-21 |website=Deccan Herald |language=en}}</ref> The merger received [[foreign direct investment]] approval and was due to be completed by 31 August.<ref>{{Cite web |date=July 2020 |title=Vodafone Idea to divest stake in Indus Towers after Infratel merger |url=https://www.moneycontrol.com/news/business/companies/vodafone-idea-to-divest-stake-in-indus-towers-after-infratel-merger-5486241.html |access-date=1 July 2020 |website=Moneycontrol}}</ref> The merger was approved by Bharti Infratel’s board on 1 September, and by Vodafone Group in October 2020.<ref>{{Cite news |date=2020-10-05 |title=Vodafone lenders approve merger of Indus Towers with Bharti Infratel |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/telecom/telecom-news/vodafone-lenders-approve-merger-of-indus-towers-with-bharti-infratel/articleshow/78490553.cms |access-date=2023-05-21 |issn=0013-0389}}</ref> The merger was completed on 19 November 2020. Vodafone Idea received {{INRConvert|3760.1|c}} as cash compensation for its 11.15% stake. Post-merger, Bharti Airtel received a 36.73% stake in the merged entity and Vodafone Group held a 28.12% stake.<ref name=":0">{{cite web |date=19 November 2020 |title=Bharti Infratel, Indus Towers merger done; VIL sells Indus stake for ₹3,760 cr |url=https://www.livemint.com/companies/news/bharti-infratel-indus-towers-merger-complete-vodafone-idea-sells-indus-stake-for-rs-3-760-cr-11605806024934.html |access-date=21 May 2023 |website=mint |language=en}}</ref> The remaining shares are held by private equity firm Providence Equity Partners (3.1%) and public shares (35.2%).<ref name = "shareholding">{{Cite web |date=2020-11-19 |title=Bharti Infratel, Indus Towers complete merger process |url=https://www.thehindubusinessline.com/info-tech/bharti-infratel-indus-towers-complete-merger-process/article33135455.ece |access-date=2023-05-21 |website=www.thehindubusinessline.com |language=en}}</ref> The merger made Indus Towers the second largest telecom tower infrastructure operator in the world.<ref>{{Cite news |last1=Gupta |first1=Deepali |last2=Barman |first2=Arijit |title=Bharti Infratel ringing in a merger with Indus to create world's largest telco |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/indus-set-to-merge-with-bharti-infratel-to-create-worlds-largest-towers-co/articleshow/63904128.cms?from=mdr |access-date=23 July 2020}}</ref>

=== Vodafone Group sells entire stake in Indus ===

On June 19 2024 UK’s Vodafone Group Plc said that it has sold an 18% stake. Out its 21.05% holding — in Indus Towers for Rs 15,300 crore. The stake sale proceeds will be used to clear bulk of the UK company’s existing lender dues relating to $1.8 billion of borrowings secured against its Indian assets.

On 5 December, Vodafone Group Plc sold the remaining 3.05% stake permanently exiting the company. The stake sale will be used to pay $101 million owed to indian banks & the remaining money will be used to subscribe to preferred shares of Vodafone Idea which will be used to reduce vi's outstanding debt with Indus Towers.

== References ==
{{Reflist}}

{{Bharti Enterprises}}
{{Nifty 200 companies}}

[[Category:Companies based in Gurgaon]]
[[Category:Indian companies established in 2007]]
[[Category:Bharti Airtel]]
[[Category:Vodafone]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]

Indus Towers - Revision history

RhysFrisina87 at 14:10, 18 January 2026