DEBT ALERT: AIRTEL CONSIDERS SELLING ITS MOBILE TOWERS IN NIGERIA
Report from the marketing world has it that Telecom brand, Airtel, is expected to sell off its mobile towers in Nigeria. . The company which has less than 4,000 mobile towers in Nigeria, is said to be ready to part with its biggest revenue generating market in Africa for about $550 million in the next few months.
According to the report, the company was considering selling its mobile tower asset in Africa for about $2 billion to pay off its huge debts. The net debt of the company at the end of September 2013 was at Rs60,877 crore. Nigeria contributed about 30 per cent revenue to Airtel’s Africa business in its 2012 and 2013 fiscal year. Overall, the company had about 14,000 mobile towers in Africa across 17 countries at the end of March 2013.