Vodafone sells standalone tower business in India for £420m

Telecoms giant Vodafone has sold its standalone Indian tower business.

Vodafone India secured the agreement with ATC Telecom Infrastructure Private Limited, which acquired the operation for INR 38.5bn (£421.2m).

The deal is part of Vodafone India’s merger with Idea Cellular, the subcontinent’s third-biggest telecoms company.

When the merger was announced in March last year, both firms confirmed plans to sell their individual standalone tower businesses.

ATC will acquire Idea’s standalone tower operation in the coming months.

The merger is forecast to complete this summer.