NCLT approves Bharti Infratel-Indus Towers merger; Telecom Dept nod awaited

The National Company Law Tribunal (NCLT) has approved the planned merger of tower company Bharti Infratel with Indus Towers, according to a regulatory filing.

“…National Company Law Tribunal, Chandigarh Bench, vide its order dated May 31, 2019, has sanctioned the scheme of amalgamation and arrangement between Indus Towers Ltd (Transferor Company) and Bharti Infratel Ltd (Transferee company) and their respective shareholders and creditors…,” Bharti Infratel said in a BSE filing.

The proposed merger, which will create a mega tower company in India, will also require approval from the Telecom Department.

“The scheme shall become effective on the date on which certified copy of the order of…NCLT is filed with Registrar of Companies upon fulfillment/waiver of other conditions prescribed in the scheme. The effective date will be communicated to the stock exchanges for further public dissemination as and when the scheme becomes effective,” it said.