New Delhi: The Chandigarh bench of National Company Law Tribunal (NCLT) has approved the proposed merger of telecom infrastructure companies Bharti Infratel and Indus Towers.
"National Company Law Tribunal (NCLT), Chandigarh Bench, vide its order dated May 31, 2019, has sanctioned the scheme of amalgamation and arrangement between Indus Towers Limited (transferor company) and Bharti Infratel Limited (transferee company) and their respective shareholders and creditors under Section 230 to 232 of the Companies Act, 2013," Bharti Infratel said in a regulatory filing on Sunday.
As per the filing, the amalgamation scheme would become effective on the date on which certified copy of the NCLT order is filed with the registrar of companies upon fulfilment or waiver of other conditions prescribed in the scheme.
The merger would also require approval from the Department of Telecommunications.
In April 2018, Bharti Airtel, and erstwhile Idea Cellular and Vodafone Group had agreed to merge both the tower companies to create a mega company born with an estimated 1.63 lakh towers in 22 telecom circles in the country.