With no government nod, Bharti Infra-Indus deal hangs fire

Kolkata: Bharti Infratel has for the second time extended the deadline for closing its merger with Indus Towers to February 24, 2020, after not receiving government’s nod in time, and said that each party has the right to call off the deal in that time.

“We wish to inform you that the requisite government approvals have not been received till date, and consequently, conditions precedent could not be completed within the extended timeline i.e. December 24, 2019,” Bharti Infratel said in a notice to the stock exchanges on Tuesday.

“The board of directors have further extended the long stop date till February 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,” it said.