Bharti Infratel and Indus Towers have agreed to combine their operations and properties into a pan-India company with over 163,000 towers across all 22 of the nation’s telecom service areas. Indus Towers currently operates in 15 telecom service areas (“Circles”) and Bharti Infratel’s operations are focused on the remaining 7 Circles.
The combined company, which will use the name Indus Towers Limited and be listed on the Indian stock exchanges, will be the largest tower company in the world outside of China.
Indus Towers is currently jointly owned by Bharti Infratel (42%), Vodafone (42%), Idea Group (11.15%) and Providence (4.85%). It is intended that Idea Group will sell its 11.15% shareholding for cash concurrent with the completion of the deal. Vodafone will be issued with 783.1m new shares in the combined company, in exchange for its 42% shareholding in Indus Towers.
