Lockdown delays Bharti Infratel-Indus Towers merger, deal postponed for 4th time

NEW DELHI : Bharti Infratel on Thursday once again extended the deadline for completion of the company’s merger with Indus Towers, this time as the two parties were unable to close the transaction amid the covid-19 lockdown.

“The board of directors took note of the status of Scheme of arrangement between Indus and Bharti Infratel and have further extended the Long Stop Date till June 24, 2020, subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme,” Bharti Infratel said in a filing with exchanges.

An official with the Bharti Group company, requesting anonymity, said that the two parties have been unable to close the agreement due to disruption from the lockdown.