Telecom infrastructure provider Bharti Infratel, a subsidiary of Bharti Airtel Ltd, has received Foreign Direct Investment (FDI) approval for its proposed merger with Indus Towers.
“Please be informed that FDI approval for merger of Indus Towers with Bharti Infratel has been received late evening yesterday,” the company said in a regulatory filing.
Bharti Infratel’s board will meet on Monday (February 24) to take stock and decide the future course of action, it said.
Also read: Bharti Infratel gets FDI approval for merger with Indus Towers
BusinessLine, in its Saturday edition had reported that Bharti Infratel is believed to have received FDI approval for its proposed merger with Indus Towers, a move that would create the world’s second-largest telecom tower firm.