Airtel withdraws new corporate structure program announced in April 2021

Withdrawing its plan for a new corporate structure announced in April 2021, Bharti Airtel said on Tuesday it would merge its wholly owned subsidiary Telesonic Networks with itself, resulting in the consolidation of fiber assets in the business, while that Nettle Infrastructure Investments will also be merged with Airtel. .

The plan of arrangement for the new corporate structure announced on April 14, 2021 is withdrawn as the Board of Directors believes that the Company’s existing corporate structure is optimal to take advantage of emerging opportunities, free up value while continuing to grow the digital business, he said in a statement.

The company, as previously announced, will continue with its plan to eventually integrate the DTH (Bharti Telemedia) business into Airtel, the statement added. “Under an amended scheme, the company, as previously approved by the board of directors, will merge its wholly owned subsidiary Telesonic Networks Limited, resulting in the consolidation of its fiber assets into Airtel,” the statement said. .

Nettle Infrastructure Investments Limited will also be merged with Airtel. “As previously announced, the company will continue with its plan to eventually merge the DTH (Bharti Telemedia) business into Airtel to evolve towards the NDCP vision of converged customer services,” he added.

NDCP refers to the National Digital Communication Policy. The company’s business continues to be categorized into four key verticals: India, Digital, International and Infrastructure.

Airtel noted that the “seminal” telecommunications sector reform package announced by the government has significantly improved prospects and investor confidence in the industry while simplifying the licensing framework.

“With a strong balance sheet and a 5G-ready network, Bharti Airtel is well positioned to invest aggressively in the emerging growth opportunities offered by India’s digital economy,” he added.

(PTI)