Vodafone Idea Limited (VIL) has announced the sale of its entire 50% stake in Firefly Networks Limited, a joint venture with Bharti Airtel, to iBUS Network and Infrastructure Private Limited for a total consideration of Rs 45 million.
The agreement, signed on January 6, 2025, is expected to be completed within approximately 30 business days, subject to closing conditions. Post-completion, Firefly Networks will cease to be a joint venture of Vodafone Idea.
Key Highlights of the Transaction:
- Impact on Financials: Firefly contributed a loss of Rs 55 million, accounting for 0.02% of VIL’s consolidated loss, and added Rs 3 million to the company’s consolidated net worth in FY24.
- Buyer Details: The stake is being purchased by iBUS Network and Infrastructure Private Limited, which is not affiliated with Vodafone Idea’s promoter or promoter group.
- Nature of the Deal: The transaction is not classified as a related party transaction and complies with all necessary regulatory norms.
This move aligns with Vodafone Idea’s broader strategy to streamline operations and focus on its core business areas.
TOPICS:
Vodafone Idea