India: Bharti Infratel gets CCI nod for Idus Towers merger

Bharti Infratel has received the clearance from the Competition Commission of India for its merger with Indus Towers, which will create a US$14.6 billion company that will be among the largest mobile tower entities worldwide with 1.63 lakh towers, reported the Economic Times.

CCI’s approval is the first among several approvals that are required, including from the Securities & Exchange Board of India, National Company Law Tribunal and the department of telecommunications, which may also need to give a separate approval for foreign direct investment.

“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, we are pleased to inform you that approval of Competition Commission of India has been received for the proposed merger of Bharti Infratel Limited and Indus Towers,” the tower unit of India’s largest carrier Bharti AirtelNSE -3.64 % said in a statement to the exchanges on Monday morning.

Full Content: The Economic Times

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