Mobile infrastructure company Bharti Infratel has got the approval of watchdog Competition Commission of India (CCI) for merging its operations with Indus Towers, according to a regulatory filing by the Bharti group firm.
The proposed merger values Indus Towers at Rs. 71,500 crore and will create a mobile tower entity with 1.63 lakh towers in all 22 telecom circles.
Bharti Infratel and Vodafone jointly own 42% each in Indus Towers, while 11.15% is held by Idea Cellular and the rest by Providence. Post the deal, Bharti Airtel and Vodafone will jointly control the combined firm and the transaction is expected to close before the end of 2018-19, subject to approvals.
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