Bharti Infratel, a subsidiary of Bharti Airtel, has extended its deadline for completion of the company's merger with Indus Towers after receiving a foreign direct investment (FDI) approval from the Indian government.
Bharti Airtel is the Indian associate telco of Mainboard-listed Singtel.
The Board of Directors of Bharti Infratel met on Monday and extended the date for the scheme to become effective till Apr 24, 2020, as the other actions and conditions required could not be completed by the previous extended long-stop date of Feb 24.
The extension is subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme.
If the merger takes place then it will create one of the largest telecom tower companies in the world, with more than 163,000 towers.
“The final decision to implement the scheme will be taken by the board keeping in mind the best interest of the company and its stakeholders, including the assessment of the current crisis facing the telecom industry and the extent of its impact on the company’s major customers,” Bharti Infratel said.
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