Bharti Airtel subsidiary Bharti Hexacom has reportedly received approval from the majority of its shareholders to sell 3,400 telecoms towers to Indus Towers after its minority shareholder Telecommunications Consultants India Ltd (TCIL) initially opposed the deal.

Indus Towers struck a INR33.087 billion (US$378 million) cash deal in February this year to buy 12,700 towers from Bharti Airtel and 3,400 towers from Hexacom, which provides consumer mobile services, fixed-line telephone and broadband services in the Rajasthan and Northeastern regions of India.

According to media reports in April, TCIL – which owns a 15% stake in Hexacom – halted the Hexacom portion of the deal following a dispute with Airtel over the valuation of the towers and demanded a new valuation before proceeding.

When the deal was signed in February, the Hexacom portion of the deal was valued at INR11.34 billion (US$130.4 million).

According to Press Trust of India, citing a regulatory filing on Wednesday, 88.28% of Hexacom shareholders voted in favour of the sale at the company’s 30th annual general meeting. The report didn’t say whether the amount of the transaction remained unchanged after the new valuation.

Indus has a pan-India presence with 234,643 towers and 386,819 co-locations at the end of 2024.