The Bharti Infratel, a mobile infrastructure company, has got the approval of competition watchdog Competition Commission of India (CCI) for merging its operations with Indus Towers. We are pleased to inform you that approval of Competition Commission of India (CCI) has been received for the proposed merger of Bharti Infratel Limited and Indus Towers Limited.
The proposed merger values Indus Towers at an enterprise valuation of ₹ 71,500 crores, and will create one of the largest mobile tower entities worldwide with 1.63 lakh towers in all 22 telecom circles.
The combined company will own 100% of Indus Towers. Bharti Infratel and Vodafone jointly own 42% stake each in Indus Towers. Idea Cellular holds 11.5% stake and the rest held by Providence.
Post the deal, Bharti Airtel and Vodafone will jointly control the combined company. The transaction is expected to close before the end of the current financial year. Bharti Infratel shares on BSE closed 0. 95% down at ₹ 298.55 in a weak market on 02 July 2018.