‘Bharti Infratel-IndusTowers merger can’t be completed by October 24 deadline’

NEW DELHI: The board of Bharti InfratelNSE -0.86 % Monday said it was not possible to complete its merger with Indus Towers by the deadline of October 24, given the still-required government approvals, throwing the deal which would have created among the world’s largest telecom tower companies into disarray.

The development also puts a cloud on the hopes of Vodafone IdeaNSE 0.78 %, its co-parent Vodafone Group of UK and Bharti AirtelNSE 1.38 % – joint owners of Indus Towers – of raising funds by divesting stake in the merged entity, say analysts. Cash-strapped Vodafone Idea, currently holding 11.15% in Indus Towers, was banking on an exit at the time of merger to raise over Rs5,500 crore to fund its future network expansion needs to compete against Airtel and Reliance Jio.