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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Kangana Ranaut shown black flags in Himachal's Lahaul and Spiti, BJP files complaint with CEO
Shimla, May 20: Actor Kangana Ranaut, BJP candidate from the Mandi parliamentary constituency, was shown black flags by local people and Congress workers at Kaza in Lahaul and Spiti on Monday.
The Himachal Pradesh BJP filed a complaint with the state chief electoral officer (CEO) demanding transfer of election officials and an investigation into the incident as both the BJP and the Congress were given permission to hold rallies adjacent to each other.
The Congress workers raised anti-Kangana slogans - "Kangana, go back, Kangana Vangana nahi chalegi". They were apparently enraged over her remarks on Tibetan spiritual leader Dalai Lama in April last year.
Ranaut had tweeted a meme featuring the Dalai Lama that said, "The Dalai Lama receives a warm welcome at the White house". The photoshopped picture in the tweet showed the Dalai Lama sticking his tongue out with US President Joe Biden with a comment - Both of them have the same illness, definitely they could be friends.
Following this, a group of Buddhists staged a dharna outside her office in Mumbai.
Later she apologised saying she didn't mean to hurt anyone, and it was a harmless joke about Biden being friends with the Dalai Lama.
Leader of the Opposition in the Himachal Pradesh Assembly Jai Ram Thakur, who had accompanied Ranaut to Kaza to campaign for the BJP, on Monday alleged that the Congress workers tried to disturb the meeting of the BJP and pelted stones on their carcade while they were returning.
Talking to reporters, he said, "It is unfortunate that for the first time, permission was given to hold a parallel rally at the venue to the Congress where prior permission was already granted to the BJP to hold the rally.
Efforts were made to disturb our rally and the Congress workers raised shameful slogans, stopped our carcade and pelted stones, injuring one person."
Thakur added that they go for campaigning all over the state but such things have happened for the first time, which shows "frustration" of the Congress and they would take up the issue with the Election Commission.
Later, in a complaint filed with the Himachal Pradesh CEO, BJP state office secretary Parmod Kumar Thakur said the Congress workers allegedly tried to illegally restrain the political procession and even pelted stones and demanded an investigation into the incident.
"The district administration granted permission for organising a political meeting to the Congress adjacent to the place already scheduled to hold a political meeting of the BJP at Kaza under undue influence of the state government in utter violation of the Model Code of Conduct (MCC)", he said.
In the complaint, the BJP demanded the immediate transfer of election officials from Lahaul and Spiti and said giving permission to both the parties at the same location at the same time was a "big lapse" on the part of the Election Commission "in spite of the fact that permission to the BJP was provided first and the officers involved in this act are biased against the BJP, and free and fair elections are doubtful under the circumstances."
Lahaul and Spiti SP Mayank Chowdhary told PTI that workers of both the BJP and the ruling Congress came face to face but there was no clash and no person was injured. However, one worker sprained his leg, he added.
Bhishan Shashni, Congress election coordinator for Lahaul and Spiti claimed that the Congress workers were peacefully protesting but a large number of people, who were hurt by Ranaut's remarks about the Tibetan spiritual leader, joined the protest.
Earlier, Congress candidate from the Mandi Lok Sabha seat Vikramaditya Singh had asked why Ranaut did not visit Spiti and returned from Reckong Peo alleging that she was afraid she would be shown black flags for her remarks against the Dalai Lama.
