Vodafone Group reportedly made progress with plans to sell its entire stake in Indian infrastructure company Indus Towers, as part of efforts to help shore up its troubled mobile business in the country.
The Economic Times indicated Vodafone entered talks with Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) on the sale of its remaining 21 per cent shareholding in Indus Towers.
Formal due diligence is now expected to start, although discussions are said to be at a preliminary stage. American Tower, Crown Castle International, Brookfield Asset Management, and sovereign wealth and pension funds have also been named previously as potentially interested parties.
Vodafone already sold 7.1 per cent of Indus Towers, 2.4 per cent via an accelerated book build offering and 4.7 per cent to Bharti Airtel, the largest shareholder of the tower unit.
In March, Vodafone stated it was in discussions with several interested parties “in relation to a potential sale of the residual shareholding”.
Once it has found a buyer for the remaining stake, the group will exit the passive telecoms infrastructure business in India.