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Billionaire Mittal Sells $952 Million Stake in India Tower Unit

  • Group led by KKR and CPPIB buys stake in Bharti Infratel
  • Airtel sold 10.3% in Bharti Infratel for 325 rupees apiece

Bharti Airtel Ltd. raised $952 million selling a stake in its tower unit as India’s largest carrier looks to pare debt as competition intensifies in the world’s second-largest smartphone market.

A group of investors led by KKR & Co. and Canada Pension Plan Investment Board bought over 190 million shares, or 10.3 percent of Bharti Infratel Ltd., for 61.93 billion rupees ($952 million), or 325 rupees a share, Airtel said in a stock exchange filing. Airtel, controlled by billionaire Sunil Bharti Mittal, will use the proceeds to pare debt, it said in the statement.