Picture: Bloomberg Quint

Bharti Airtel has withdrawn plans to change its corporate structure aimed at housing all digital assets under the listed entity. The company said that it is well placed with a strong balance sheet and 5G-ready network to invest aggressively in growth opportunities in India.

The withdrawal follows the reforms package announced by the government in September 2021, which provided some respite to the telecom sector, and significantly boosted investor confidence in the industry while simplifying the licence framework.

The company believes that their existing corporate structure is optimal for leveraging the emerging opportunities and unlocking value, while continuing to scale up Airtel’s digital businesses. It is in this light that the scheme of arrangement for the new corporate structure announced on April 14, 2021 stands withdrawn.

Airtel had reported a net profit of Rs 11.34 billion for the quarter ended 30 September, 2021 as against a loss of Rs 7.63 billion in the quarter ended September30, 2020. Profit in the quarter ended September 30, 2021 was 300 per cent more than Rs 2.83 billion in the quarter ended June 30, 2021. In addition, Airtel paid up Rs 155.19 billion to the government in December, 2021 as pre-payment of the entire liability of spectrum it acquired in 2014 auctions.