Bharti Airtel, a leading telecom operator in India, now has a direct 47.95% stake in Indus Towers. Note that Airtel already had a 47.95% stake in Indus Towers, but it was in an indirect manner. Airtel-owned Nettle Infrastructure owned a 23.01% stake in Indus Towers, and Airtel directly had a 24.95% stake. But after Nettle Infra was amalgamated into Bharti Airtel, the telco also acquired the 23.01% stake in Indus Towers that Nettle Infra had. This means that Airtel now directly owns a 47.95% stake in Indus Towers.
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Indus Towers needs to perform well in order for Airtel's stock to go well in the market. Vodafone Idea (Vi), the largest customer of Indus Towers, is yet to clear dues and should be able to do it once it has raised funds. Vodafone Group UK also has a stake in Indus Towers, which it is reportedly thinking of selling to help out Vi.
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Bharti Airtel will let go of the right of first refusal in case Vodafone Group UK wants to sell the remaining stake in Indus Towers to use the proceeds to bail out Vi. This has already happened once when Vodafone UK sold a minority stake in Indus to use the proceeds for clearing the dues of Vi. Indus Towers has already warned Vi that if it doesn't clear the dues, it stands to risk losing access to all towers spread across India.
