Government clears merger of Bharti Infratel-Indus Towers, new entity as the world's largest tower co outside of China & # 039;

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Timely completion of the tower deal is critical for companies as this would enable Bharti and Vodafone Idea to unload shares and collect donations.

PTI

updated:February 21, 2020, 11:10 p.m.

Government clears merger of Bharti Infratel-Indus Towers as new entity
FILE PHOTO: Telecommunication towers are depicted by hanging flower pots in a residential building in Calcutta. (Reuters picture)

New Delhi: The Department of Telecom (DoT) approved the merger of the country's largest mobile operator, Indus Towers, with Bharti Infratel on Friday, official sources say.

The combination of Bharti Infratel and Indus Towers creates a pan-Indian tower company with over 163,000 towers, which are active in all 22 telecommunications services. The combined company will be the largest tower company in the world outside of China.

"DoT has approved Indus Towers' merger with Bharti Infratel," an official source told PTI. Bharti Infratel and Vodafone each hold 42 percent of Indus. Vodafone Idea has an 11.15 percent stake in Mobile Tower.

According to the plans, the combined company, which would fully own the respective Bharti Infratel and Indus Towers businesses, would change its name to Indus Towers Ltd and continue to be listed on the Indian stock exchanges.

Timely completion of the tower deal is critical for companies as this would enable Bharti and Vodafone Idea to unload shares and collect donations.

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