No government nod to merger, Bharti Infratel sets February 24, 2020 as new deadline for Indus merger

Bharti InfratelNSE -0.67 % has not received government approvals for its merger with Indus Towers, by the December 24 deadline, and has thus yet again extended the deadline for closing the deal to February 24, 2020.

The company added that each party will have the right to terminate the deal in the next two months.

“Completion of merger is contingent upon receipt of requisite regulatory approvals and fulfilment of other conditions precedent,” the company said in filing Wednesday after market hours. It added that “there can be no assurance that the merger can be completed within the extended time-frame”.

The proposed merger of Bharti Infratel with Indus Towers aims to create one of the world’s largest telecom tower companies with more than 163,000 towers.