Bharti Airtel’ Indus Towers Bets Big on Africa, Challenging ATC and Helios
Bharti Airtel’s tower arm, Indus Towers, is making its first international push into Africa with three of Africa’s most dynamic telecom markets Nigeria, Uganda, and Zambia.
Indus Towers is using these markets as its launchpad for its continental expansion, with Airtel Africa as its anchor customer coming head to head with American Tower Corporation (ATC) and Helios Towers who have dominated Africa’s passive infrastructure business, leasing thousands of sites to Airtel, MTN, and other operators.
Now, Indus wants a piece of that action and it’s bringing deep pockets, strong balance sheets, and the home advantage of Airtel’s 169.4 million customers across 14 African markets.
Why Now?
Indus Towers’ financials have turned a corner. The company generated $187 million in free cash flow in the June 2025 quarter, after cash-strapped Vodafone Idea finally settled most of its long-standing dues. Instead of rewarding shareholders with dividends, Indus’ board has chosen to reinvest in growth and Africa, with its young population and explosive mobile adoption, is the target.
“Recognizing the growth potential in emerging geographies, the Board has approved the Company’s foray into African markets,” Indus said in a filing, signaling it sees infrastructure demand on the continent as a once-in-a-decade opportunity.
The Competitive Landscape
ATC has been Airtel Africa’s go-to tower partner since 2022, while Helios Towers has long had a strong foothold in markets like Tanzania, DRC, and Ghana. Together, they’ve carved up a market where operators prefer asset-light models, selling towers and leasing them back to cut costs.
Indus’ late entry won’t be easy. But it has a unique angle: it’s tied directly to Airtel, one of Africa’s fastest-growing operators, giving it a guaranteed anchor tenant from day one. The company will need to prove it can compete on efficiency, reliability, and cost in environments where power supply is patchy, logistics are complex, and political risks remain high.
Airtel’s African Strategy and Indus’ Role
Airtel has doubled down on Africa as a growth engine, with mobile money, data, and digital services powering subscriber growth. But these services rely heavily on network quality and reach and that’s where Indus comes in.
By building and managing towers in Airtel-heavy markets, Indus could cut Airtel’s reliance on third-party providers like ATC, reduce leasing costs, and tighten strategic control. In the long run, Indus could even expand beyond Airtel, offering services to MTN, Orange, and other operators to fully establish itself as a continental player.
The Stakes
Africa’s tower market is projected to grow in double digits as 4G and 5G rollouts accelerate and mobile money becomes mainstream. Whoever controls the tower grid will hold the keys to the digital economy.
“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,” said Indus Towers CEO Prachur Sah.
The challenge will be proving that an Indian tower giant can adapt to Africa’s unique on-the-ground realities while fending off entrenched competitors with deep local networks.
For Airtel, Indus’ entry is more than a corporate reshuffle it’s a strategic move to bring a trusted ally closer to the heart of its African growth story. For ATC and Helios, it’s the start of a battle to defend their turf.
Reading This Now 82
