[8] Indus Towers Limited was founded in November 2007 by Bharti Infratel, Vodafone Essar, and Idea Cellular, with the goal of merging their passive infrastructure assets across 16 telecom circles.

[14] In 2017, reports suggested that Bharti Infratel was looking to acquire the 53% stake in Indus Towers, owned by Vodacom Group and Vodafone Idea.

[19] Prior to the merger, shareholding in Indus Towers was Bharti Infratel (42%), Vodafone Group (42%), Idea Cellular (11.15%) and Providence Equity Partners (4.85%).

Owing to further delays by the DoT and the National Company Law Tribunal the deadline was extended multiple times to 24 June 2020.

The stake sale proceeds will be used to clear bulk of the UK company’s existing lender dues relating to $1.8 billion of borrowings secured against its Indian assets.

The stake sale will be used to pay $101 million owed to indian banks & the remaining money will be used to subscribe to preferred shares of Vodafone Idea which will be used to reduce vi's outstanding debt with Indus Towers.