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Debt-ridden Bharti Airtel is selling off its tower business in Africa in a deal worth $3 bn, the Economic Times reports.
The company has zeroed in on Helios Towers Africa, IHS, American Tower Corp and Eaton Towers as the potential buyers and the deal will be completed in a span of seven days.
"Up to $2 billion of the sale proceeds will be used to retire debt, helping improve the company's margins and result in higher profit before tax. The rest will be used for capital expenditure," the report said quoting a person familiar with development.
Bharti Airtel declined to comment on the same, the report said.