Bharti Airtel and Vodafone Idea Limited (Vi) have exited their Wi-Fi joint venture, Firefly Networks, by selling their respective stakes to iBUS Network and Infrastructure Private Limited for Rs 90 million. iBUS Network is backed by the National Investment and Infrastructure Fund (NIIF).
Airtel will receive Rs 45 million from this transaction. Similarly, Vi has also announced through a regulatory filing that it has entered into a share purchase agreement with iBUS for the sale of its entire 50 per cent shareholding in Firefly for the same amount of Rs 45 million. Following the transfer of its stake, Firefly will no longer be a joint venture.