New Delhi, Feb 21 | The government has approved the long-pending merger of Bharti Infratel with Indus Towers. Official sources said the Department of Telecom has approved the merger wi thout any conditions.
The merger comes at a time when the development makes it easier, especially for Vodafone Idea to raise the cash to pay its AGR dues, and further increase its survival possibilities.
The merger is crucial as it will help the loss-making telecom companies Bharti Airtel and Vodafone Idea sell stake to raise funds in the competitive telecom battleground, especially when they have to pay huge AGR dues to the Department of Telecommunications after a Supreme Court verdict in October.
Indus Towers is a three-way joint venture between Bharti Infratel, UK-based Vodafone Group and Vodafone Idea, with the first two holding 42 per cent each. Vodafone Idea has 11.15 per cent and the remaining 4.85 per cent is with private equity firm, Providence.
Bharti Airtel owns a majority stake (53.51 per cent) in Bharti Infratel.
The Bharti Infratel and Indus merger was approved ahead of the February 24 deadline, extended by Bharti Infratel in December pending the approval. The deal, which creates the world’s second largest telecom tower firm, was signed on April 23, 2018.
KKR and Canada Pension Plan Investment Board are expected to own a combined 6 per cent, stemming from their stake of over 10 per cent in Bharti Infratel.
Bangalore, April 02, 2020 : The nationwide lockdown to combat Coronavirus outbreak in the country has led to severe difficulties for the poor and homeless people. In an effort to help the needy, Greenwood High International School, has come forward to do their bit to the cause. The school have undertaken the initiative to prepare food for 300 underprivileged families every day and distribute in and around Sarjapur area with the help of Sarjapur police station. This would be a continuous support from the school authority towards the needy people until the lockdown ends. While distributing the food, the school authority also followed the social distancing norms and ensured that necessary precautionary measures like masks and gloves were used in the entire process to provide clean and hygienic food to the people.
Speaking on this initiative, Ms. Niru Agarwal, Trustee, Greenwood High said: “As much as we believe in inculcating the values of benevolence and philanthropy among our students, we practise these ourselves too. Greenwood High has always been compassionate to help those in need and we continue to do so. We are mindful of contributing to the society in multiple ways and are proud to leverage our sources towards such an important cause. Several NGOs, individuals and businesses are pitching in to help the citizens and government through various initiatives with the hope that humanity would survive these dreadful times of coronavirus onslaught. We believe that only by active collaboration between all the members of the society, we will be able to overcome the impact of this pandemic.”