NCLT approves Bharti Infratel-Indus Towers merger

The Chandigarh bench of the NCLT has approved the merger of Indus Towers with Bharti Infratel, forming one of the biggest telecom tower companies worldwide. The pan-India company, which will operate over 163,000 telecom towers across 22 service areas with an estimated valuation of $12 billion-$13 billion, will be jointly controlled by Bharti Airtel and UK-based Vodafone Plc. The merger, proposed almost a year ago, is likely to materialise by end June 2019 after attaining regulatory approvals. Meanwhile, the existing management teams of the two companies will run their respective businesses. Currently, Bharti Airtel and Vodafone Plc each own a 42 per cent stake in Indus Towers and are expected to hold 37.2 per cent and 29.4 per cent, respectively, in the merged entity.