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Bharti Infratel extends deadline by 2 months
Bharti Infratel on Monday extended the deadline for its merger with Indus Towers by two more months to April 24 but cautioned that final call on scheme implementation will be taken by the board based on assessment of the ongoing AGR-crisis and its impact on customers.
New Delhi: Bharti Infratel on Monday extended the deadline for its merger with Indus Towers by two more months to April 24 but cautioned that final call on scheme implementation will be taken by the board based on assessment of the ongoing AGR-crisis and its impact on customers.
The delay in completion of the deal, would come as a blow to Vodafone Idea which has to cough up Rs 53,000 crore in statutory dues to the government and was eyeing about Rs 5,500 crore from stake sale in Indus Towers.
Vodafone Idea has so far paid Rs 3,500 crore towards statutory dues, and any monetisation exercise would allow it to get closer to at least the principle AGR amount, it owes to the government.
"The final decision to implement the scheme will be taken by the board keeping in mind the best interest of the company and its stakeholders including the assessment of the current crisis facing the telecom industry and the extent of its impact on the company's major customers," Bharti Infratel said in a regulatory filing.
It said that although the foreign direct investment (FDI) approval for the merger with Indus Towers had been received, the long stop date (deadline) has been extended as other actions and conditions precedent to be fulfilled for the scheme to become effective cannot be completed by the previously stated deadline of February 24.
