Indus Towers is a joint venture between Bharti Infratel, Vodafone Group and Vodafone Idea, with the former two holding 42% each. Vodafone Idea has 11.15% and the remaining 4.85% is with private equity firm, Providence. The merger was proposed to create a company with over 1,63,000 towers. Bharti Airtel owns a majority stake of 53.51% in Bharti Infratel. The crucial merger is expected to help loss-making telecom companies Bharti Airtel and Vodafone Idea sell stake to raise funds.