Vodafone Group announced on 1 September 2020 that it had agreed to proceed with the merger of Indus Towers (Indus Towers) and Bharti Infratel (Bharti Infratel).
The agreement to proceed was conditional on consent for a security package for the benefit of the Combined Company (the Security Package) from Vodafone's existing lenders (for the 1.3 billion loan utilised to fund Vodafone's contribution to the Vodafone Idea Ltd rights issue in 2019). This consent has now been received. The parties will now approach the National Company Law Tribunal to make the merger scheme effective. The parties are working to complete the transaction expeditiously.
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