Bharti Airtel sells stake of its telecom tower unit

Bharti Airtel said it sold a 10.3 percent stake in its telecom tower unit Bharti Infratel to U.S. private equity firm KKR & Co LP and Canada Pension Plan Investment Board for more than 61.9 billion rupees ($952.75 million).

Bharti Airtel will use the funds primarily to reduce its debt, the company said in Tuesday's statement.

After closing the deal, Bharti's stake in Infratel will stand at 61.7 percent, while KKR and Canada Pension will own 10.3 percent.