Bharti Infratelset to miss Oct 24 deadline to complete deal with Indus Towers
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Bharti Infratel will announce the next course of action regarding its merger with Indus Towers in the next couple of days, as the company is set to miss the October 24 deadline to complete the deal.
As per Bharti Infratel chairman Akhil Gupta, the company has received most of the government approvals except for the one pertaining to the foreign direct investment (FDI) and as a result of that, the merger cannot be completed by October 24. “The board has, therefore, authorised a committee of directors to explore and evaluate all possible options to secure the best interest of the company and shareholders under the current circumstances,” Gupta said during a post-earnings investors call.
The committee will forward its recommendations to the board on or before October 24, 2019 and based on the recommendations, the board shall take a suitable decision on the way forward. In April 2018, the merger of Bharti Infratel and Indus Towers was announced and it was set to be completed by October 24, 2019. The merger would have created the largest mobile tower operator in the world outside China.
Indus Towers is jointly owned by Bharti Infratel (42%), Vodafone (42%), Idea (11.15%) and Providence (4.85%). In the new merged entity, Airtel would have a 33.8% stake, followed by Vodafone at 26.7%, Idea 7.1% and Providence 3.1%. The public shareholders will have the rest. Since August 2018, Vodafone and Idea have merged and been christened Vodafone Idea.
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