The crucial board meeting of Bharti Infratel scheduled for Thursday to take a final decision on the scheme of arrangement with Indus Towers has been postponed.
"Certain inputs that would have been required by the board for it to deliberate and take a final decision have been delayed given the current environment," Bharti Infratel said in a statement.
"In view of the same, the said board meeting has been rescheduled for a later date but definitely on or before the current long stop date of June 24, 2020," it said.
Bharti Infratel owns and manages telecom towers and communication structures for various mobile operators. The company's consolidated portfolio of over 92,000 telecom towers, which includes over 40,000 of its own towers and the balance from its 42 per cent equity interest in Indus Towers, makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles.
Indus Towers is co-owned by Bharti Infratel, Vodafone Group Plc and Vodafone Idea Ltd with the first two holding 42 per cent each. Vodafone Idea owns 11.15 per cent while the remaining 4.85 per cent is with the private equity firm Providence.
The merger deal announced in April 2018 got the crucial clearance for foreign direct investment in February.
After Vodafone Idea's exit, Bharti Airtel and Vodafone Plc are expected to hold 37.2 per cent and 29.4 per cent respectively in the merged entity.
The decision to implement the deal will take into account the impact of current adjusted gross revenue (AGR) crisis.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.