The mobile phone infrastructure operator largely owned by the country’s largest superannuation fund, AustralianSuper, has slumped deep into the red at the same time as it falls increasingly behind schedule on the construction of hundreds of towers.

AustralianSuper acquired a 70 per cent stake in Indara, formerly known as the Australian Tower Network, from Optus in 2021 for $1.9 billion as the industry super giant became more involved in actively managing infrastructure investments.