Airtel, Voda Thought promote whole stake in Wi-Fi JV Firefly to iBus for Rs 9 crore

Telecom operators Bharti Airtel and Vodafone Thought have offered their whole stake in Wi-Fi infrastructure firm Firefly Networks to iBus Community and Infrastructure for Rs 9 crore, the telcos stated in separate regulatory filings on Monday. FireFly Networks Restricted is a 50-50 three way partnership between Vodafone Thought and Bharti Airtel Restricted.

“Bharti Airtel Restricted has entered right into a Share Buy Settlement with iBus Community and Infrastructure Personal Restricted for switch of Firm’s whole stake (50 per cent) in Firefly Networks Restricted,” Airtel stated in a submitting.

The deal is predicted to shut inside 30 enterprise days from the date of execution of the settlement between the companies.

“The Firm will obtain Rs 45 million for the sale of its whole stake (50 per cent) held in Firefly,” Vodafone Thought stated in a separate submitting.

Firefly manages and monetises Wi-Fi hotspots by offering one of the best Wi-Fi infrastructure to companions like academic institutes, hospitals, malls, cafes, public hangouts and markets, transit factors and company parks throughout the foremost Indian cities.

Backed by marquee buyers just like the Nationwide Funding and Infrastructure Fund and Worldwide Finance Company, iBUS Community and Infrastructure specialises in offering in-building telecom community options and Wi-Fi managed providers.