Citi sells Bharti Infratel stake to JPMorgan

Citibank has sold its stake in the tower arm of India's largest mobile firm, Bharti Airtel, to JPMorgan for $50 million, the Economic Times reported on Thursday citing two people aware of the development.                                           

Citibank sold the stake for the same price it paid for it two years ago, the paper said, to value Bharti Infratel at just over $10 billion.                                           

In 2007, Bharti sold a 9% stake for about $1 billion to a consortium of financial investors including Singapore's Temasek Holdings, it said. None of the other investors are looking to sell now, the paper said.                                           

A Citibank spokeswoman in India declined comment. JPMorgan's spokeswoman could not be reached immediately for comment by Reuters.