Indus Towers Limited, India’s largest telecoms tower company, has announced plans to expand internationally, beginning with Nigeria as its entry point into Africa.
Indus Towers says its move into Africa is anchored on its long-standing partnership with Bharti Airtel, one of the continent’s largest mobile operators that also owns Airtel Nigeria, the nation’s second largest mobile network operator (MNO) that currently leases towers from IHS Nigeria and ATC.
The tower company’s Board of Directors, at a meeting held on September 2, approved a strategic move into select African markets, starting with Nigeria, Uganda, and Zambia, as part of a broader plan to diversify revenue and scale operations beyond India, according to the company’s regulatory filing seen by Technology Times.
Indus Towers says its move into Africa is anchored on its long-standing partnership with Bharti Airtel, one of the continent’s largest mobile operators that also owns Airtel Nigeria, the nation’s second largest mobile network operator (MNO) that currently leases towers from IHS Nigeria and ATC.
Prachur Sah, Managing Director and Chief Executive Officer of Indus Towers, says the international foray unlocks long-term opportunities for growth and shareholder value.
“The Board’s approval to enter international markets in Africa,” Sah says, “unlocks our vision for long-term sustainable growth and value creation for our shareholders. By leveraging our expertise in delivering innovative and cost-effective solutions, we are well-positioned to differentiate ourselves in Africa’s fast-growing telecom market and emerge as the preferred tower company.”
Indus Towers says its move into Africa is anchored on its long-standing partnership with Bharti Airtel, one of the continent’s largest mobile operators. Airtel’s extensive footprint across Africa provides a natural pathway for Indus Towers to establish a strong competitive presence. The company will also continue exploring other African markets where Airtel operates.
Industry watchers say Nigeria’s booming telecoms market, with 169,328,686 million active mobile connections and 138,749,365 internet subscribers as of July 2025, presents a compelling entry point for the Indian tower company as the market races to deepen broadband connectivity, expand 5G networks, and improve digital inclusion.
The expansion, the company explains, is aligned with the Government of India’s vision to encourage Indian enterprises to globalise and evolve into multinational players.
Who is Indus Towers?
Indus Towers Limited is India’s leading provider of passive telecom infrastructure, deploying, owning and managing telecom towers and communication structures for various mobile operators. With a portfolio of over 251,773 towers and 411,212 co-locations (as of June 30, 2025), the company has a nationwide presence across all 22 telecoms circles. Its major customers include Bharti Airtel (and Bharti Hexacom), Vodafone Idea Limited, and Reliance Jio Infocomm Limited—the three largest wireless service providers in India by revenue.
Formed through the merger of Bharti Infratel Limited and Indus Towers, the combined strength makes the company one of the largest telecoms tower operators globally. Beyond size, the company has been a pioneer in adopting green energy initiatives, underpinning its credo of Putting India First and Connecting Lives Across the Nation.
With its expansion into Nigeria and other African markets, the tower company is now seeking to extend this mission beyond India’s borders.
In contrast, the telecoms group reports that the current quarter benefited from $22 million of derivative and foreign exchange gains, largely due to the appreciation of the CFA currency. However, finance costs—excluding forex and derivative movements—rose from $125 million to $195 million, reflecting increased interest on lease liabilities from tower contract renewals with ATC and IHS, along with higher operating company market debt.
Airtel Africa and the financial dynamics
The Indian tower company’s entry into Nigeria comes at a time when Airtel Africa, owners of Airtel Nigeria, is navigating a challenging financial environment.
For the quarter ended 30 June 2025, Airtel Africa’s total finance costs stood at $173 million, down from $261 million in the prior period. The previous period had been heavily impacted by $136 million of derivative and foreign exchange losses, with $122 million attributed to the Nigerian Naira devaluation, which was classified as an exceptional item.
In contrast, the telecoms group reports that the current quarter benefited from $22 million of derivative and foreign exchange gains, largely due to the appreciation of the CFA currency. However, finance costs—excluding forex and derivative movements—rose from $125 million to $195 million, reflecting increased interest on lease liabilities from tower contract renewals with ATC and IHS, along with higher operating company market debt.
The Group also shifted from foreign currency debt to local currency debt, which carries a higher average interest rate, contributing to the increase. As a result, Airtel Africa’s effective interest rate ticked up to 12.9%, compared with 12.7% in the prior period.
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