Bharti Airtel to merge Indus Towers into Bharti Infratel and create the largest mobile tower entity
New Delhi, April 25: Bharti Airtel has approved to merge Indus Towers into Bharti Infratel to create the largest mobile tower entities worldwide with 1.63 lakh towers across 22 circles in India, a company statement said here on Wednesday.
The combined company will own 100 per cent of Indus Towers, it said.
Indus Towers was currently jointly owned by Bharti Infratel (42 per cent), Vodafone (42 per cent), Idea Group (11.15 per cent) and Providence (4.85 per cent).
The combined company, which will fully own the respective businesses of Bharti Infratel and Indus Towers, will change its name to Indus Towers Limited and will continue to be listed on the Indian Stock Exchanges.
"Taken together, Bharti Infratel and Indus Towers had over 163,000 towers and 367,000 tenancies as on March 31, 2018. With over Rs 253 billion ($3.8 billion) in revenues (for the financial year ended March 31, 2018).
"The combined company will be well placed to invest on a national basis to satisfy the future demand from all telecoms operators in India as they continue to densify their networks to support sustained data traffic growth and roll out new network technologies," the company statement said.
"Indus Towers currently operates in 15 telecom service areas (Circles) and Bharti Infratel's operations are focused on the remaining seven Circles.
"The combination of Bharti Infratel and Indus Towers, with their highly complementary footprints, will create a pan-India tower company with the ability to offer high quality passive infrastructure services to all operators on a non-discriminatory basis, needed to support the pan-India expansion of wireless broadband services using 4G/4G+/5G technologies," it added.
Bharti Airtel and Vodafone will have equal rights in the combined company. They have entered into a shareholders' agreement and it is expected that the combined company's articles of association will be amended at completion to reflect some of these rights.
"Following completion, the Board of the combined company will comprise of 11 directors, of whom three will be appointed by each of Bharti Airtel and Vodafone, one will be appointed by KKR/Canada Pension Plan Investment Board and four (including the Chairman) will be independent.
"The management team will be confirmed prior to closing," the statement clarified.
The transaction is subject to approvals from the relevant regulatory authorities, including from Competition Commission of India, Securities and Exchange Board of India, National Company Law Tribunal, Department of Telecommunications (FDI approval), approval from Bharti Infratel's shareholders, necessary corporate approvals from the companies involved, as well as closing conditions.
The transaction is expected to complete before the end of the financial year ending March 31, 2019, the statement added.
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Russian President Putin says India, Russia collaboration not directed against anyone
New Delhi (PTI): The India-Russia collaboration is not directed against any country and it is solely aimed at safeguarding the national interests of the two sides, Russian President Vladimir Putin has said against the backdrop of Washington's aggressive approach towards New Delhi and Moscow.
In the context of India's energy ties with Russia, Putin said certain "actors" dislike New Delhi's growing role in international markets in view of its close relations with Moscow and these elements are aiming to constrain India's influence for political reasons by imposing "artificial obstacles".
In an interview to India Today news channel that was released on Thursday evening, the Russian president, referring to Western sanctions against Moscow, said his country's energy cooperation with New Delhi largely "remains unaffected".
Putin landed in New Delhi this evening on a two-day visit to hold summit talks with Prime Minister Narendra Modi.
ALSO READ: PM Modi presents copy of Gita in Russian to Putin
His trip comes at a time India-US relations are going through possibly the worst phase in the last two decades after Washington imposed a whopping 50 per cent tariff on Indian goods, including 25 per cent levies for New Delhi's procurement of Russian crude oil.
"Neither me nor Prime Minister Modi, despite certain external pressure we face, have never approached our collaboration to work against someone," the Russian president said in response to a question on Washington's aggressive approach.
"President Trump has his own agenda, his own goals, whereas we focus on ours -- not against anyone, but rather aimed at safeguarding our respective interests, India's and Russia's interests," he said.
Rejecting Washington's objection to India procuring crude oil from Russia, Putin said if the US has the right to buy Russian fuel, why "shouldn't India have the same privilege".
"As for India's purchase of energy resources from Russia, I would like to note and have already mentioned this once, the US itself still buys nuclear fuel from us for its own nuclear power plants," Putin said.
The Russian president also responded to a question on India lowering procurement of crude oil from Russia in view of Western sanctions on Moscow.
ALSO READ: Russian president Putin arrives in Delhi on 2-day visit
"Well, there is a certain decline in overall trade turnover during the first nine months of this year. This is just a minor adjustment. Overall, our trade turnover stands almost at the same level as before," he said.
"I can't give you exact monthly figures right now, but trade in petroleum products and crude oil, as well as the production of petroleum products for consumers of oil, Russian oil, is running smoothly in India," he said.
Putin also said that India cannot be treated the way it was several decades back.
"Prime Minister Modi is not someone who succumbs to pressure easily. The Indian people can certainly take pride in their leader. This is absolutely obvious," he said.
"His stance is unwavering and straightforward, without being confrontational. Our goal is not to provoke conflict; rather, we aim to protect our lawful rights. India does the same," he said.
On the Ukraine conflict, Putin said he believed the US is actively seeking a solution to this problem. "I am absolutely certain, with no doubt at all, he (Trump) sincerely aims for a peaceful resolution."
Putin said Trump genuinely wants to end the hostilities and prevent further loss of lives. "But there could also be political interests tied to ending the confrontation between Russia and Ukraine, or economic motives too."
On bilateral trade, Putin said over 90 per cent of "our transactions are already conducted in national currencies".
"While some complications arise due to the presence of numerous intermediaries, there are also solutions," he said.
The Russian president also complimented PM Modi's leadership.
"Our collaborative endeavours with Prime Minister Modi carry significant weight because they transcend our mutual ties," he said.
"Given its direct relevance to both nations, ensuring stability in key areas of engagement is crucial, as it helps secure the fulfilment of our objectives. Prime Minister Modi sets very challenging tasks for the country --and for himself in the first place, then for the administration, and eventually for the nation," he said.
The Russian president did not give a direct reply to a question on if India was looking at procuring additional batches of S-400 missile systems.
"India stands out as one of our reliable and privileged partners in this area. We are not merely selling something to India and India isn't merely buying something from us in the sphere of defence and security.
"It is a different level, a different quality of relations we have with India, and we value this. We see how India values this relationship too," he said.
Putin said Russia is not simply selling defence technology to India but it is sharing it with the country.
"It is a very rare thing to see in the sphere of military-technical cooperation. It speaks to the level of trust between the two countries and the level of trust between the two peoples.
"We have a broad portfolio indeed, including naval construction, rocket and missile engineering, and aircraft engineering," he added.
