The mega merger between Indian operator Bharti Airtel's infrastructure company Bharti Infratel and independent tower company Indus Towers is reportedly now expected to close in June.
The planned merger, which has been in the making for around a year, is at an advanced stage of completion, according to the prospective parent companies of the merged company Bharti Airtel and Vodafone Group.
In a stock exchange filing, the companies also announced that they have proposed to appoint current Indus Towers CEO Bimal Dayal and CFO Hemant Ruia to the posts of CEO and CFO respectively of the combined company.
Merging Bharti Infratel with Indus Towers will create a pan-India tower company with over 163,000 towers in operation and a valuation of around $10 billion.
The combined company will continue to serve Indian operators on a non-discriminatory basis and help support the expansion of 4G and 5G wireless broadband services across India.
Indus Towers was established in 2007 as a joint venture between Bharti Airtel and what is now Vodafone Idea. Prior to the in-progress merger, the company was around 53% owned by Vodafone Idea, 42% owned by Bharti Infratel and 5% owned by Providence Equity Partners.
“The Shareholder groups look forward to early completion of the merger and move towards successful integration,” the joint statement reads.