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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Bengaluru, Feb 8 (PTI): The Metro rail ride in Bengaluru will be costlier by about 50 per cent as the Bengaluru Metro Rail Corporation Limited (BMRCL) on Saturday effected a hike on the recommendation of the Fare Fixation Committee, which will come into force from Sunday onwards.
According to the BMRCL's press release, it has also introduced separate tariffs for peak and non-peak hours just like the hail taxi riders - Ola and Uber.
The maximum fare has been enhanced from Rs 60 to Rs 90 and the minimum balance has been increased from Rs 50 to Rs 90.
The fare for a travel between 0-2 kilometres will be Rs 10, 2 km to 4 km - Rs 20, 4 km to 6 km - Rs 30, 6 km to 8 km - Rs 40, 8 km to 10 km - Rs 50, 10 km to 12 km - Rs 60, 15 km to 20 km - Rs 70, 20 km to 25 km - Rs 80, 25 km to 30 km and above would be Rs 90.
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"The Fare Fixation Committee submitted its report recommending the revised fare structure on December 16, 2024. As per section 37 of the Metro Railway O&M Act, the recommendations made by the Fare Fixation Committee shall be binding on the Metro Railway Administration," BMRCL said.
Accordingly, with the due approval of BMRCL Board, the revised fare structure will come into effect from February 9, 2025.
Regarding the peak hour tariff system, the BMRCL said it will offer an additional five per cent discount on Smart cards at the rate of five per cent during peak hour along with five per cent off peak hour, which will be an effective 10 per cent for travel during off-peak hour based on the time of entry into the Metro system.
The non peak hours will resume from the time the Metro services start in the day up to 8 am, again from noon to 4 pm and 9 pm to closing hours on week days.
The Metro Rail authorities also said that there will be a discount offer on smart cards at the rate of 10 per cent on all Sundays and national holidays.
The hike comes close on the heels of 15 per cent hike in government bus fare in Karnataka.
Last month, Bengaluru Central MP, P C Mohan had posted on 'X' that the proposed hike in metro fare has been put on hold.
"BMRCL’s proposed 45% metro fare hike, set for Feb 1, has been put on hold. The Modi government has directed BMRCL to submit a comprehensive report before making any decision. A big win for the people of Bengaluru—ensuring transparency, accountability, and fair metro pricing," he said on 'X'.
Namma metro Fare Update :As per the Fare Fixation Committee’s recommendations, the revised fare structure takes effect from 9th Feb 2025. 5% discount on Smart Cards continues. Check the media release for details. pic.twitter.com/oEgv0kbcOZ
— ನಮ್ಮ ಮೆಟ್ರೋ (@OfficialBMRCL) February 8, 2025