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NCLT approves Bharti Infratel - Indus Towers merger

June 03, 2019
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The Chandigarh bench of the National Company Law Tribunal (NCLT) has approved the merger of Indus Towers with Bharti Infratel, which will form one of the biggest telecom tower companies worldwide.

The pan-India company, that will operate over 163,000 telecom towers across 22 service areas with an estimated valuation of $12-13 billion, will be jointly controlled by Bharti Airtel and the UK-based Vodafone Plc.

The merger proposed almost a year ago, is likely to materialise by the end of June 2019 after attaining regulatory approvals. Meanwhile, the existing management teams of the two companies will run their respective businesses.

Bimal Dayal, Indus Towers CEO is said to head the merged entity, while Hemant Ruia would be its chief financial officer.

Currently, Bharti Airtel and Vodafone Plc each own 42 per cent stake in Indus Towers and are expected to hold 37.2 per cent and 29.4 per cent, respectively, in the merged entity.

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