Firefly Networks, A Wi-Fi JV of Airtel & Vodafone Idea (Vi) Sold to iBus Network and Infrastructure

Bharti Airtel and Vodafone Idea (Vi) have sold their entire stakes in their joint venture, Firefly Networks, to iBus Network and Infrastructure for ₹9 crore.

Key Points:

Stake Sale: Both Airtel and Vodafone Idea sold their 50% stakes in Firefly Networks for ₹4.5 crore each.

Firefly Networks: Firefly Networks was a joint venture between Bharti Airtel and Vodafone Idea (Vi), established in 2014 to provide high-speed Wi-Fi infrastructure across India. The JV was setup to counter Reliance Jio. It aimed provide high-speed Wi-Fi infrastructure in urban centers, targeting locations like malls, hospitals, and educational institutions.

Projects: Firefly Networks worked on high-profile projects, including deploying Wi-Fi services in New Delhi Municipal Council (NDMC) areas.

iBus Network: The buyer, iBus Network and Infrastructure, specializes in delivering in-building solutions and last-mile connectivity. They act as a neutral infrastructure provider for telecom operators.

Deal Closure: The deal is expected to close within 30 business days from the date of execution of the agreement.

Financial Impact:

Airtel's Disclosure: Firefly contributed 0.0065% to Airtel’s turnover and 0.0007% to its net worth in FY24.

Vodafone Idea's Disclosure: Firefly added ₹5.5 crore to Vodafone Idea’s losses during the same period.

This transaction marks the end of a joint venture that began with ambitions to challenge other major players like Reliance Jio in the domestic Wi-Fi market.