Bharti Airtel Sells Stake in Firefly Networks to iBus

Bharti Airtel has sold its entire 50% stake in Firefly Networks to iBus Network and Infrastructure for Rs 4.5 crore. Firefly Networks specializes in Wi-Fi infrastructure management. iBus, known for in-building telecom solutions, will finalize the purchase within 30 business days.

In a significant industry move, telecom operator Bharti Airtel has divested its entire 50% stake in the Wi-Fi infrastructure enterprise Firefly Networks. The Rs 4.5 crore transaction sees iBus Network and Infrastructure stepping in as the new stakeholders.

The agreement, confirmed through a regulatory filing on Monday, marks a strategic change and is anticipated to be finalized within a 30-business-day window. iBus Network and Infrastructure, recognized for delivering in-building telecom network solutions, will now oversee Firefly's operations.

Firefly Networks has established itself as a key player in managing and monetizing Wi-Fi hotspots in various locations such as educational institutions, hospitals, and corporate parks across major Indian cities. This acquisition fits well with iBus's portfolio, backed by prominent investors such as the National Investment and Infrastructure Fund and the International Finance Corporation.

(With inputs from agencies.)