Bharti Airtel approved the merger of Bharti Infratel and Indus Towers
New Delhi: Bharti Infratel, Indus Towers, Bharti Group’s mobile tower management company The value of the company after the merger will reach $ 1,460 billion (Rs 97,660 crore). It is also the second largest mobile tower in the world after China Towers. There will be 1,63,000 towers across the country. Bharti Airtel and Vodafone are jointly controlled by the merged company. The company after the merger will be called Indus Towers Limited.
In a joint statement released on Wednesday, Bharti group flagship company Airtel has 53.5 percent stake in infra. Airtel will have a share of 37.2% from 33.8% Similarly, Vodafone India, which owns 42% stake in Indus Towers, has a share of 26.7% in the merging company. This is because the company’s subsidiary Airtel and Vodafone are dependent on what their minority shareholders in the Indus Towers have been dependent on because the Aditya Birla-based telecom company Idea Cellular and Providence are dependent on Indus Towers. In Indus Towers, Idea has 11.15 percent and Providence 4.85 percent.
The deal is complete with the transition
The Merger Agreement will compete with Competition Commission of India (CCI), Securities and Exchange Board of India (SEBI), National Company Law Tribunal (NCLT) and Telecom. It is estimated that these permits will be available at the end of the current financial year.
Airtel, which sells shares in the merger
Airtel hopes to sell a share in the company that will be after the merger. Airtel has released a separate statement that it will consult with many investors for this purpose. Merged Company Equity is worth $ 1,450 crore (Rs 96,500 crore).
11 directors of the merged company
There will be a total of 11 directors on the company’s board after the merge. Bharti Airtel and Vodafone are to be appointed by three Directors while KKR / Canada Pension Plan Investment Board will appoint a Director. The rest of the four independent directors (including the chairman) have stated in a joint statement.
The network of towers across the country
Indus Towers is currently holding towers in 15 telecom circles of the country. Bharti Infratel operates in seven other circles. The company after the merger will have a network of towers across the country. Furthermore, mobile operators in the country will have the opportunity to provide more quality services.