New Delhi: The Department of Telecommunications on Friday approved the merger of Indus Towers, the country’s largest mobile tower company with Bharti Infratel. Official sources gave this information.
The combined company, formed after the merger, will have more than 1,63,000 telecom towers across the country, operating in all 22 telecom service areas. The combined company formed by the merger will be the world’s largest tower company except China.
“DoT has approved the merger of Indus Towers with Bharti Infratel.” As per the plan, the combined company will have full ownership of the business of Bharti Infratel and Indus Towers. The name of the company will be changed to Indus Towers Limited and the combined company will continue listing on the domestic stock exchanges.
Timely completion of this deal is very important as it will open up options for Bharti Airtel and Vodafone Idea to raise money by selling their stake in the company. Bharti Infratel and Vodafone Group currently hold 42-42 per cent stake in Indus Towers. Vodafone Idea also holds 11.15 percent stake in it.