Telecommunications service provider Bharti Airtel on Tuesday announced the withdrawal of the corporate structure announced in April 2021.
In a stock exchange filing, Bharti Airtel said it would continue with the existing corporate structure, continuing its plan to merge DTH operations with Airtel.
“The flagship telecommunications sector reform package announced by the Indian government has significantly boosted prospects and investor confidence in the industry while simplifying the licensing framework. With a strong balance sheet and a network ready for 5G, Bharti Airtel is well positioned to aggressively invest in the emerging growth opportunities offered by India’s digital economy, ”the company said.
Bharti Airtel said its existing structure would take advantage of “emerging opportunities”.
“Airtel’s Board of Directors believes that the company’s existing business structure is therefore optimal to take advantage of these emerging opportunities and unleash value while continuing to grow Airtel’s digital business. Therefore, the plan of arrangement for the new Social structure announced on April 14, 2021 is withdrawn.
“Under a modified scheme, the company, as previously approved by the board of directors, will merge its wholly owned subsidiary Telesonic Networks Limited, which will result in the consolidation of its fiber assets into Airtel. In addition, Nettle Infrastructure Investments Limited will also be merged with Airtel. As previously announced, the company will pursue its plan to eventually merge the DTH (Bharti Telemedia) activity into Airtel to evolve towards the NDCP vision of convergent services to customers. International and infrastructure, ”the company said.