Bharti Infratel, Indus Towers merger faces govt clearance delays

NEW DELHI : The proposed merger between Bharti Infratel Ltd and Indus Towers Ltd cannot be completed by 24 October as the company is still awaiting a key government approval, Bharti Infratel chairman Akhil Gupta said, adding that a new committee will meet on Thursday to evaluate “all possible options” for future strategy.

“We had announced the merger in April 2018. The long stop period was for 18 months, that is till 24 October. This required many closing conditions to be met, including government approvals. We have received all approvals except the one pertaining to FDI (foreign direct investment) enhancement from department of telecommunications,” Gupta said in a post-earnings call on Tuesday.

“The delay in getting this approval is because of the procedure involved,” he added.