Telecom operators Bharti Airtel and Vodafone Idea have sold their entire stake in Wi-Fi infrastructure company Firefly Networks to iBus Network and Infrastructure for Rs 9 crore, the telcos said in separate regulatory filings on Monday.
Firefly Networks Limited is a 50-50 joint venture between Vodafone Idea and Bharti Airtel Limited.
"Bharti Airtel Limited has entered into a Share Purchase Agreement with iBus Network and Infrastructure Private Limited for the transfer of the company's entire stake (50 per cent) in Firefly Networks Limited," Airtel said in a filing.
The deal is expected to close within 30 business days from the date of execution of the agreement between the firms.
"The company will receive Rs 45 million for the sale of its entire 50 per cent stake in Firefly," Vodafone Idea said in a separate filing.
Firefly manages and monetises Wi-Fi hotspots by providing the best Wi-Fi infrastructure to partners such as educational institutes, hospitals, malls, cafes, public hangouts, markets, transit points, and corporate parks across major Indian cities.
Backed by marquee investors like the National Investment and Infrastructure Fund and the International Finance Corporation, iBUS Network and Infrastructure specialises in providing in-building telecom network solutions and Wi-Fi managed services.
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