Nokia's Indian unit has sold its 0.95 percent stake in Vodafone Idea (Vi).

As reported by the Economic Times (ET), Nokia Solutions and Networks India Pvt Ltd sold the stake to a group of global investment banks for INR7.85 billion (US$92 million).

Among the buyers was Goldman Sachs, which has snapped up a stake of 0.55 percent in the telco.

Nokia's Indian unit acquired its stake in the cash-strapped carrier last June as Vi sought to clear its debts.

At the time, Nokia acquired 1.03 billion shares in the telco for a 1.5 percent shareholding, while Ericsson separately acquired a 0.9 percent stake in the telco.

Nokia's share was then diluted to 0.95 last month when the Indian government increased its own stake in the carrier to 48.99 percent.

ET reported that shares in Vi dropped by nearly six percent after Nokia's stake sale last week.

The company, which was created in 2018 following the merger of Vodafone India and Idea Cellular, has struggled for some time, with the debt-laden operator struggling to pay its dues with its vendor partners after it was saved from the brink of collapse by the Indian government in 2022, which acquired a 35.8 percent stake in the company.

The government is now the largest stakeholder in Vi, while Vodafone still has a stake of around 16.1 percent.

Vi finally launched its 5G mobile network last month following several delays.