Indus Towers Limited announced on January 16, 2026, that its step-down wholly owned subsidiaries, Indus Towers Management FZE and Indus Towers Investment FZE, have successfully incorporated new subsidiaries in Nigeria and Zambia.

The newly incorporated entities are Indus Towers Nigeria Limited and Indus Towers Infra Zambia Limited, respectively. The Certificates of Incorporation for both subsidiaries were issued on January 15, 2026.

Indus Towers Nigeria Limited has an initial share capital of 100,000,000 Naira. Indus Towers Infra Zambia Limited has an initial share capital of K12,500,000 Zambian kwacha. The primary objective for both entities is to engage in the business of establishing, erecting, installing, operating, managing, and maintaining telecommunication towers, masts, poles, antennas, and related infrastructure.

These entities are considered step-down subsidiaries and thus related parties to Indus Towers Limited. The company has confirmed that its Promoter/Promoter Group/Group Companies do not have any interest in these transactions beyond their relationship as related parties, and the transactions are conducted at arm's length.

Both subsidiaries are yet to commence their business operations. The contribution to the initial share capital will be made in cash at face value, and Indus Towers Limited will hold a 100% shareholding in each of these new entities.