Bharti Airtel and Vodafone Idea have announced their decision to exit the joint venture, Firefly Networks, a Wi-Fi infrastructure provider, by selling their respective stakes to iBus Network and Infrastructure Private Limited, a digital infrastructure solutions provider.

Each telecom giant will receive Rs 4.5 crore from the deal, as disclosed in separate filings with the stock exchange on Monday.

Firefly Networks, which began as a joint venture between Airtel and Vodafone Idea in 2014, will cease to be a shared entity between the two companies following this transaction. The agreement, signed on January 6, is expected to be completed within 30 days. Firefly operates as a technology-neutral company, deploying a shared network that can be used by telecom operators and internet service providers, offering them better service quality at a reduced cost.

This exit has been in the works since 2023, as both Airtel and Vodafone Idea sought to divest from the Wi-Fi infrastructure company. In November 2023, the telcos had reached an agreement with Singapore-based Manipura Digital Infrastructure OPCO Pte Ltd. for a combined deal valued at Rs. 12.1 crore. However, that deal was cancelled after failing to secure the necessary regulatory approvals.