Both the telecom companies currently hold a 50% stake in Firefly Networks, which will be sold to iBus Network for a total cash consideration of INR 4.5 Cr each, as per exchange filings
The deal is anticipated to close within 30 business days from the execution date of the agreement between the parties
Backed by investors such as the National Investment and Infrastructure Fund and the International Finance Corporation, iBus Network and Infrastructure focuses on delivering in-building telecom network solutions and Wi-Fi managed services
Telecom operators Bharti Airtel and Vodafone Idea have reportedly signed a share purchase agreement with iBus Network and Infrastructure Pvt to transfer their entire stake in joint venture Firefly Networks Ltd.
Both the telecom companies currently hold a 50% stake in Firefly Networks, which will be sold to iBus Network for a total cash consideration of INR 4.5 Cr each, as per exchange filings.
The deal is anticipated to close within 30 business days from the execution date of the agreement between the parties. Upon completion, Firefly Networks will cease to be a joint venture of Bharti Airtel and Vodafone Idea.
According to the filing, the transaction is not classified as a related-party transaction and remains subject to the fulfillment of closing conditions.
“The Company will receive INR 4.5 Cr for the sale of its entire stake (50%) held in Firefly,” Vodafone Idea said in a separate filing.
Firefly manages and monetises Wi-Fi hotspots, providing Wi-Fi infrastructure to partners such as educational institutions, hospitals, malls, cafes, public spaces, transit hubs, and corporate parks across major Indian cities.
Supported by investors such as the National Investment and Infrastructure Fund and the International Finance Corporation, iBus Network and Infrastructure focuses on delivering in-building telecom network solutions and Wi-Fi managed services.
Founded in 2013 by Ram Sellaratnam, Subash Vasudevan and Sunil Menon, iBUS builds digital infrastructure solutions and deploys cellular and Wi-Fi connectivity at IT parks, airports, hospitals, among others.
Its product portfolio includes iBus Talk (data connectivity inside buildings), iBus Find (consumer behaviour analyser), iBus Sync (broadband services) and iBus Sense (IoT-enabled communication platform).
Months ago, the startup raised INR 280 Cr (approximately $34 Mn) from the International Finance Corporation (IFC), a member of the World Bank Group, to expand its presence in international markets.
