Airtel, Vodafone Idea exit Wi-Fi JV Firefly Networks

Firefly runs as a technology-neutral company that deploys an accumulated network that can be shared by telecommunications operators and access provider seeking better top quality of solution at a lowered cost.

Firefly started as a joint-venture between the two telcos in 2014. The stake sale agreement was signed on January 6. The transaction is anticipated to be finished within one month of the finalizing of the agreement.

Both telcos have been wanting to exit the joint-venture considering that 2023. They had reached an arrangement with Singapore-based Manipura Digital Infrastructure OPCO Pte Ltd for a combined worth of Rs 12.1 crore in November 2023.

Bharti Airtel and Vodafone Concept have each authorized a bargain to offer their respective risks in Firefly Networks, a Wi-Fi framework service provider, to digital infrastructure services service provider iBus Network and Framework Private Limited.

Bharti Airtel and Vodafone Concept have actually accepted sell their risks in Firefly Networks to iBus Network and Infrastructure for Rs 4.5 crore each. This deal ends the joint-venture started in 2014 and is expected to be finalised within 30 days.

In the case of Vodafone Concept, the Wi-fi framework carrier added Rs 5.5 crore to the company’s losses, amounting to 0.02% of the firm’s combined loss for fiscal year 2024. It had no contribution to the company’s net worth.