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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Modi govt's 'calibrated erosion' of EC's integrity: Kharge on election rule
New Delhi (PTI): Congress president Mallikarjun Kharge on Sunday hit out at the government for tweaking an election rule to prevent public inspection of certain electronic documents, alleging it is part of the Modi government's "systematic conspiracy" to destroy the institutional integrity of the Election Commission.
Kharge also said the Modi government's "calibrated erosion" of the ECI's integrity is a frontal attack on the Constitution and democracy.
The government has tweaked an election rule to prevent public inspection of certain electronic documents such as CCTV camera and webcasting footage as well as video recordings of candidates to prevent their misuse.
Based on the recommendation of the Election Commission of India (ECI), the Union law ministry on Friday amended Rule 93(2)(a) of the Conduct of Election Rules, 1961, to restrict the type of "papers" or documents open to public inspection.
Reacting to the development, Kharge said, "Modi government's audacious amendment in the Conduct of Election Rules is another assault in its systematic conspiracy to destroy the institutional integrity of the Election Commission of India." "Earlier, they had removed the Chief Justice of India from the Selection panel which appoints Election Commissioners, and now they have resorted to stonewall electoral information, even after a High Court order," he said in a post on X.
Everytime the Congress party wrote to the ECI, regarding specific poll irregularities such as voter deletions and lack of transparency in EVMs, the ECI has responded in a condescending tone and chosen not to even acknowledge certain serious complaints, Kharge said.
"This again proves that the ECI, even though it is a quasi-judicial body, is not behaving independently," he said.
"The Modi government's calibrated erosion of ECI's integrity is a frontal attack on the Constitution and Democracy and we will take every step to safeguard them," Kharge said.
Congress general secretary in-charge communications Jairam Ramesh had said the party would legally challenge the amendment.
Lok Sabha MP and Congress general secretary (organisation) KC Venugopal said the poll panel had chosen opacity and a pro-government attitude in its dealings thus far.
According to Rule 93, all "papers" related to elections shall be open to public inspection.
The amendment inserts "as specified in these rules" after "papers".
Law ministry and ECI officials separately explained that a court case was the "trigger" behind the amendment.
While documents such as nomination forms, appointment of election agents, results and election account statements are mentioned in the Conduct of Election Rules, electronic documents such as CCTV camera footage, webcasting footage and video recording of candidates during the Model Code of Conduct period are not covered.
"CCTV coverage, webcasting of polling stations are not carried out under Conduct of Election Rules but are the result of steps taken by the ECI to ensure a level playing field," a former ECI official explained.
