Indus Towers to enter African markets, begins with Nigeria, Uganda, Zambia

Indus Towers has announced a major international push, with its board approving the company’s entry into select African markets. The tower infrastructure firm will begin operations in Nigeria, Uganda, and Zambia, marking its first expansion outside India. In a stock exchange filing, the company said: “Recognising the growth potential in emerging geographies, the Board has approved the Company’s foray into African markets, beginning with Nigeria, Uganda, and Zambia.”

Expansion and strong finances

Indus Towers plans to leverage its robust financial position and long-standing partnership with Bharti Airtel, which will serve as its anchor customer in Africa. The company reported Rs 1,570 crore in free cash flow for the quarter ending June 2025, supported by steady payments from Vodafone Idea, which has largely cleared past dues.

Despite this strong performance, the company withheld dividends for shareholders in recent quarters, citing the need to retain cash for inorganic growth opportunities and high capital expenditure commitments. The African expansion is a direct outcome of this strategy.

Why Africa?

Indus Towers highlighted that African markets offer attractive prospects for revenue diversification, operational scalability, and long-term value creation. The company intends to begin with Nigeria, Uganda, and Zambia but will continue to assess other African markets where Airtel has a strong presence.

The company also stressed that its entry remains subject to regulatory approvals and compliance with local laws in each country.

Airtel and African markets

Bharti Airtel serves over 169 million customers across 14 countries. Its established presence in key African markets provides Indus with an immediate growth platform. Until now, American Tower Corporation (ATC) has been the primary provider of passive infrastructure for Airtel Africa, with a strategic partnership signed in 2022. Indus Towers aims to strengthen Airtel’s network rollout while also competing for opportunities to diversify its customer base over time.

Commenting on the move, Prachur Sah, Managing Director & CEO of Indus Towers, said the expansion aligns with the company’s vision of building sustainable long-term growth and shareholder value.

“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,” Sah noted.

Indus Towers in India

Back home, Indus remains one of the largest telecom tower infrastructure providers in India. The company operates over 2.51 lakh towers across all 22 telecom circles, serving every major wireless telecom operator in the country.

With this international expansion, Indus Towers is looking to balance its dominant domestic position with a strong foothold in high-growth overseas markets.