British telecom giant Vodafone is looking to sell around 5% of its stake in tower firm Indus Towers Ltd to Bharti Airtel, the telecom group said on Wednesday.

The company is in discussions to sell around a 5% stake in Indus Towers valued at over Rs 3,300 crore to Bharti Airtel, according to a report by PTI. Vodafone currently owns around 28% stake in Indus Towers.

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According to the PTI report, the proceeds from the sale will be invested into the loss-making Indian unit Vodafone Idea. In a recent investor call, Vodafone Idea management fixed March end as the deadline for raising capital to finance its operations.

Vodafone India has faced fierce competition and lost millions of wireless subscribers to Reliance Jio and Bharti Airtel in recent years, so this development comes after a trying period for the company.

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In addition to the company’s troubles, Vodafone Idea has huge dues owed to the government, which is likely to own a 35.8% of the company through a recent deal.

Indus Towers Limited, previously known as Bharti Infratel Limited, provides passive telecom infrastructure. The company owns, operates and manages telecommunications towers and communication structures for various mobile operators.

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It is one of the largest tower infrastructure providers in India with a portfolio of more than 1,84,748 telecom towers and a presence in all 22 telecom circles. Indus Towers offers services to all wireless telecommunication service providers in India.

Vodafone holds 75.78 crore shares of Indus Towers, which are roughly worth around Rs 19,070 crore according to Indus’s Wednesday closing price on the National Stock Exchange. The shares closed 0.85% lower at Rs 249.90. Vodafone Idea closed 2.29% down at Rs 10.65.

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Currently, Bharti Airtel holds a 41.73% share in the company and UK’s Vodafone Group holds a 28.12% share in the tower infrastructure company. Vodafone Group and the Aditya Birla Group (ABG) owns 44.39% and 27.66%, respectively in Vodafone Idea as its co-promoters.

Bharti Airtel had previously said that it would raise around $1 billion in debt, after reporting higher-than-expected quarterly revenue due to higher tariff rates.

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Airtel said it would raise the amount, Rs 7,500 crore, by issuing non-convertible debt securities, which include debentures and bonds. It did not elaborate on how it would spend the money.