Bharti Airtel is expected to sell-off over 15,000 towers in Africa for about $ 2-3 billion, which will help it reduce debt, bankers familiar with the development said.
The world's fourth largest operator is believed to have shortlisted four companies for the sale which include Helios Towers Africa, American Tower Corporation and Eaton Towers. When contacted a Bharti spokesperson declined to comment. Queries sent to Helios Towers Africa, Eaton Towers and American Tower Corporation remain unanswered. The net debt of the company at the end of March 31, 2014 stood at Rs 60,541.6 crore.
The company has been trying to sell its tower assets in Africa for quite sometime but nothing has been finalised yet. Airtel had entered the African market in 2010 after acquiring Zain Telecom for about $10.7 billion. The company now offers services in 17 African countries but is yet to turn profitable. In order to reduce debt, the company has also been raising money through foreign currency bonds.