Shares of Bharti Airtel rose as much as 4.5 per cent as a media report said that a KKR-led consortium was in talks for a tower consolidation deal involving Airtel's tower arm Bharti Infratel and Indus Towers.

The consortium, comprising Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority and GIC Singapore, are mulling a $11-billion bid that could see Bharti Infratel buying Indus Towers, a media report said, citing people aware of the matter.

Bharti Infratel, which currently owns 42 per cent in Indus Towers, will buy out all or almost all of the 58 per cent stake that other partners Vodafone, Idea Cellular and Providence Equity Partners hold in Indus Towers, it said.

Bharti Infratel could not be immediately reached for comment.