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“FDI approval for merger of Indus Towers Ltd with Bharti Infratel<\/a> Ltd has been received late evening yesterday (Friday)…the board of directors of the company will meet on Monday (i.e. February 24) to take stock and decide the future course of action,” Bharti Infratel said in an exchange filing Saturday.
ET had reported in its February 22 edition that the companies had received the critical foreign direct investment (FDI) nod from the government for the merger deal. Merger closure had been hanging fire for months as DoT had reportedly held in abeyance the FDI approval due to a Rs 22,000 crore withholding tax dispute between UK’s Vodafone Group and India.
Loss-making Vodafone Idea<\/a> has been banking on this tower merger deal closure to raise roughly Rs 4,500 crore from the sale of its stake in the combined entity, which could be used to pay a portion of its adjusted gross revenue (AGR<\/a>) dues.
DoT estimates show Vodafone Idea needs to shell out Rs 56,709.49 crore towards its statutory AGR dues, of which it has already paid Rs 3,500 crore. The telco, however, estimates its dues much lower at some Rs 23,000 crore, of which Rs 7,000 crore is the principal.
The government, on its part, is believed to be also working on all options, including deferring carrier dues other than AGR liabilities, to ensure Vodafone Idea, isn’t forced to shut, the telecom sector remains viable and no jobs are lost.
The Bharti Infratel and Indus Towers merger deal was signed on April 2018, and the deal was to have been concluded by October 2019. Subsequently, the companies extended the deal initially by two months to December 24, 2019, and another two months to February 24, in absence of DoT approval.
Indus Towers is a three-way joint venture between Bharti Infratel, UK-based Vodafone Group Plc and Vodafone Idea, with the first two holding 42% each. Vodafone Idea owns 11.15% while the remaining 4.85% is with private equity firm, Providence. Bharti Airtel<\/a> has a majority stake in Bharti Infratel.
Assuming Vodafone Idea exits, Bharti Airtel<\/a> and Vodafone Group are expected to hold 37.2% and 29.4%, respectively, in the merged towers entity as per terms of the deal announced in April 2018.
The delayed Bharti Infratel-Indus merger had made matters immensely tough for struggling Vodafone Idea to raise cash to pay a slice of its AGR dues, and in turn, reduced its survival possibilities. Merger approval, in that sense, is likely to provide a temporary reprieve to the loss-making telco.
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例:董事会满足印度河合并后周一FDI点头
鼓吹他周六表示,它已收到外国直接投资(FDI)电信部门的批准与印度塔的大宗并购交易,铺平了道路创造了一个世界上最大的电信塔公司超过63000塔。
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“外国直接投资批准印度塔有限公司合并鼓吹有限公司已经收到昨天晚上(星期五)…公司的董事会将在周一(2月24日)采取股票和决定未来的行动,”鼓吹说周六交换文件中。
等曾在2月22日版报道说,公司已经收到了关键的外国直接投资(FDI)从政府点头的合并交易。合并关闭已经挂火月点据说搁置了FDI批准由于22000卢比的预扣税争端英国沃达丰集团和印度。
亏损的沃达丰的想法一直指望这座塔合并交易关闭筹集大约4500卢比从出售其股份在合并后的实体,可用于支付其调整后的总收益的一部分(AGR)会费。
点估计显示沃达丰想法需要支付56709 .49卢比向其法定AGR费,它已经支付了3500卢比。然而,电信估计其费更低一些23000卢比,7000卢比的本金。
政府的一部分,也被认为是在所有选项,包括推迟载体AGR负债以外的会费,以确保沃达丰的想法,不是被迫关闭,电信部门仍然是可行的,而且也没有失去的工作。
鼓吹和印度河塔签署了合并协议在2018年4月和2019年10月是已签订的协议。随后,公司扩展协议最初两个月至12月24日,2019年,2月24日,另一个两个月,没有点同意。
印度塔是鼓吹之间的三方合资企业,总部位于英国的沃达丰集团(Vodafone Group Plc)和沃达丰(Vodafone)的想法,与前两个控股42%。沃达丰拥有11.15%,剩下的4.85%是与私人股本公司,普罗维登斯。Bharti Airtel在鼓吹他的多数股权。
如果沃达丰退出,Bharti Airtel和沃达丰集团预计将保持37.2%和29.4%,分别在合并后的塔实体根据交易条款在2018年4月公布。
延迟Bharti Infratel-Indus合并了重要无比的挣扎沃达丰主意筹集现金支付一片AGR会费,并反过来,减少了生存的可能性。合并的批准,在这个意义上,可能会提供一个暂时的喘息亏损的电信。
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