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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'Dictatorship' going on in country is unacceptable: Arvind Kejriwal
Chandigarh (PTI): Attacking the BJP, Delhi Chief Minister Arvind Kejriwal on Friday said the "dictatorship" allegedly going on in the country is unacceptable and the nation has never seen such a period in the past 75 years.
Kejriwal was addressing Punjab AAP workers and leaders, including MLAs, in Amritsar and asked them to put in their best to ensure AAP's victory in all the 13 Lok Sabha seats in Punjab.
He slammed the BJP, accusing it of putting all rival party leaders in jail.
"The dictatorship that is going on in our country is not acceptable. India has never seen such a period in the past 75 years, putting opposition leaders in jail," said Kejriwal.
He even sought to liken the situation in India with that of Russia.
"Like in Russia, (Vladimir) Putin had either sent all rival leaders in jail or got them killed and then conducted the elections and got 87 per cent votes. When there is no opposition, you will be the only one who will get votes," he said.
"They put me in jail, (former Delhi deputy CM) Manish Sisodia was put in jail, Congress party's bank account was attached, (they) are troubling TMC, (Tamil Nadu CM MK) Stalin's ministers have been put in jail.
"Put everyone in jail. Then only one party and one leader will remain but democracy will not survive. We do not have to let this happen," said Kejriwal.
Kejriwal came to Punjab on Thursday and held a roadshow in support of AAP's Amritsar candidate Kuldeep Singh Dhaliwal.
