Govt approves merger of Indus Towers with Bharti Infratel: Report


PTI, Feb 22, 2020, 4:46 PM IST

New Delhi: The Department of Telecom (DoT) on Friday approved the merger of the country’s largest mobile tower company Indus Towers with Bharti Infratel, according to official sources.

The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas. The combined entity will be the largest tower company in the world outside China.

“DoT has approved the merger of Indus Towers with Bharti Infratel,” an official source informed.

Bharti Infratel and Vodafone hold 42 per cent stake each in Indus.

Vodafone Idea holds 11.15 per cent stake in the mobile tower firm.

As per the plans, the combined company, which would fully own the respective businesses of Bharti Infratel and Indus Towers, would change its name to Indus Towers Ltd and will continue to be listed on Indian stock exchanges.

The timely completion of the tower deal is critical for the companies, as it would allow Bharti and Vodafone Idea in offloading stake and raising funds.

In April 2018, Bharti Airtel, Idea Cellular, and Vodafone Group had announced an agreement for the merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China.
According to the original deal structure, Vodafone was to be issued 783.1 million new shares in the merged entity in exchange for its 42 per cent stake in Indus Towers, and this could take its holding to 29.4 per cent in the new company, depending on the options finally taken by Idea and Providence.

Similarly, Airtel’s stake in the new combined tower behemoth was to be diluted to 37.2 per cent in the combined entity, from 53.5 per cent it currently holds in Bharti Infratel. The transaction at the time of the deal announcement valued Indus Towers at an enterprise value of Rs 71,500 crore.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Fishing vessel collides with naval platform off Goa coast; 2 fishermen missing

‘Nation First’ key to India’s progress, says President Murmu

Karnataka BJP chief Vijayendra slams Cong govt over Waqf notices to farmers, fund crunch

Man declared dead wakes up before cremation, 3 doctors suspended in Rajasthan

Teen stabs man to death at railway station in Mumbai after quarrel over local train seat

BJP stages protest against Karnataka govt over Waqf properties row

Youth attempts suicide after being humiliated in public for wearing ripped jeans in Belthangady

Related Articles More

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

RBI cautions public about ‘deepfake’ video of governor being circulated on social media

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Fishing vessel collides with naval platform off Goa coast; 2 fishermen missing

BGT Day 1: Bumrah leads India’s spectacular bowling comeback after batting no-show

Cal HC stays demolition of illegal constructions in Mandarmoni

Delhi LG praises CM Atishi, calls her ‘thousand times better than her predecessor’

Centre releases 15th Finance Commission grant for rural local bodies in Karnataka

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.