Indian telecommunications service providers Bharti Airtel (Airtel) and Vodafone Idea (Vi) have signed an agreement to sell their entire stakes in Wi-Fi infrastructure company Firefly Networks to iBus Network and Infrastructure through a Share Purchase Agreement dated January 6, 2025. The individual deal, valued at Rs 45 million, is expected to close within approximately 30 business days, subject to the fulfilment of closing conditions. Both Airtel and Vi confirmed this in their respective filings.
Also Read: Bharti Airtel and Vodafone Idea Exit WiFi Joint Venture, FireFly Networks
Airtel Statement
Firefly Networks, a 50-50 joint venture between Bharti Airtel and Vodafone Idea, contributed a negligible 0.0065 percent to Airtel's consolidated turnover and 0.0007 percent to its net worth in FY24. Following the transfer of stake, Firefly will cease to be a joint venture of Bharti Airtel.
"We hereby inform you that Bharti Airtel Limited (the Company) has entered into a Share Purchase Agreement with iBus Network and Infrastructure Private Limited for transfer of Company's entire stake (i.e. 50 percent) in Firefly Networks Limited (Firefly). The said transfer is subject to completion of closing conditions," Bharti Airtel said in a filing on Monday.
The filing further stated, "Company's entire stake (i.e. 50 percent) in Firefly is being purchased by iBus Network and Infrastructure Private Limited (iBus Network)."
Vodafone Idea Statement
Similarly, Vodafone Idea said in its own filing, "We hereby inform you that the Company has entered into a Share Purchase Agreement with iBUS Network and Infrastructure Private Limited for transfer of Company's entire shareholding (i.e. 50 percent) in Firefly Networks Limited (Firefly), subject to completion of closing conditions, for a consideration of Rs. 45 Million."
The Company will receive Rs 45 million for the sale of its entire stake (50 per cent) held in Firefly, Vodafone Idea said in a separate filing.
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Firefly Networks
Firefly oversees and monetises Wi-Fi hotspots by delivering top-notch Wi-Fi infrastructure to partners such as educational institutions, hospitals, malls, cafes, public spaces, markets, transit hubs, and corporate parks in major Indian cities.
