Indus Towers expands Africa presence with Nigeria, Zambia subsidiaries

As the subsidiaries are newly formed, details such as acquisition timelines or consideration do not apply.

Indus Towers said its step-down subsidiaries—Indus Towers Management FZE and Indus Towers Investment FZE—have incorporated wholly owned subsidiaries in Nigeria and Zambia, marking the company’s formal entry into African telecom infrastructure markets.

According to regulatory disclosures, Indus Towers Nigeria Limited and Indus Towers Infra Zambia Limited were incorporated on January 15, 2026, with Certificates of Incorporation issued on the same day.

Indus Towers Nigeria Limited has an authorised share capital of 100 million Nigerian naira, while Indus Towers Infra Zambia Limited has a share capital of 12.5 million Zambian kwacha. Both entities are yet to commence operations and currently have no turnover, the company said.

The newly incorporated firms are 100% owned step-down subsidiaries of Indus Towers and therefore qualify as related-party entities. The company clarified that, apart from this relationship, the promoter, promoter group, and group companies have no direct interest in the transactions.

Both subsidiaries will operate in the telecom infrastructure segment. Their mandate includes establishing, erecting, installing, operating, managing, and maintaining telecommunication towers, masts, poles, antennas, and related infrastructure for telecom, broadcasting, and wireless communication services, in line with the objects outlined in their respective Memorandums of Association. Indus Towers said no governmental or regulatory approvals were required for the incorporation of the entities.

The move follows Indus Towers’ announcement in October that it would enter African markets within three to six months, starting with Nigeria, Uganda, and Zambia, as part of its long-term growth strategy.

“Our entry into Africa is supported by an anchor customer. We will leverage Airtel’s strong presence in these markets,” CEO Prachur Sah said in October during Q2 concall, adding that the initial phase would be modest and focused on building new towers, understanding local operating conditions, and developing a scalable operating model.

“We strongly believe Africa is where India was a few years back, offering strong growth opportunities for both telecom operators and tower companies. We intend to replicate Indus’ proven operating model by building high-quality, cost-efficient infrastructure tailored to local conditions,” Sah said.

The Africa expansion is expected to involve a capital expenditure of $200–300 million, CFO Vikas Poddar said. “From a full-scale perspective, that could be the level of capex. Over time, we aim for a balanced capital structure with an appropriate mix of debt and equity,” he added.