Bharti Airtel Sells Firefly Stake to iBus for Rs 4.5 cr

New Delhi, Jan 6 (PTI) Telecom operator Bharti Airtel has sold its entire 50 per cent stake in Wi-Fi infrastructure company Firefly Networks to iBus Network and Infrastructure for Rs 4.5 crore, the company said in a regulatory filing on Monday.

The deal is expected to close within 30 business from the date of execution of the agreement between the firms.

"Bharti Airtel Limited has entered into a Share Purchase Agreement with iBus Network and Infrastructure Private Limited for transfer of Company's entire stake (50 per cent) in Firefly Networks Limited," the filing said.

Firefly manages and monetises Wi-Fi hotspots by providing the best Wi-Fi infrastructure to partners like educational institutes, hospitals, malls, cafes, public hangouts and markets, transit points and corporate parks across the major Indian cities.

Backed by marquee investors like the National Investment and Infrastructure Fund and International Finance Corporation, iBUS Network and Infrastructure specialises in providing in-building telecom network solutions and Wi-Fi managed services.