Bharti Airtel sells 33.25b rupee stake in mobile tower business to cut debt

Mumbai

INDIAN telecom giant Bharti Airtel sold a 33.25 billion rupee (S$691 million) stake in its mobile tower business on Tuesday to help shrink its debts as it reels from a price war sparked by rival Reliance Jio.

Airtel, which recently reported a 77 per cent slump in quarterly profits, said in a statement that it had sold 83 million shares worth 33.25 billion rupees in Bharti Infratel.