Bharti Infratel has extended the deadline of its merger with Indus Towers to June 24, 2020. This will be the fourth time that Bharti Infratel is extending the deadline.
Further, in a post-earnings conference call, Bharti Infratel has stated that it is well within the two companies’ rights to terminate the contract if the need arises.
The deal was signed in April 2018, and had received all the necessary approvals, except from the Department of Telecommunications (DoT). The DoT had raised concerns of monopoly of the tower company post-merger.
The initial deadline for the merger was October 2019, which was then extended to December 2019 and then again to February 2020. The company had finally received DoT’s nod in February 21, 2020 and on February 24, 2020, the tower company announced the extension of the deal to April 2020.