Statement from Airtel: Update on the scheme of arrangement for new corporate structure
New Delhi, January 04, 2022:
The seminal telecom sector reforms package announced by the Government of India has significantly boosted the outlook and investor confidence for the industry while simplifying the license framework. With a strong balance sheet and 5G ready network, Bharti Airtel (“Airtel”; “Company”) is well positioned to invest aggressively in the emerging growth opportunities offered by India’s digital economy.
The Board of Directors (“Board”) of Airtel is of the view that the existing corporate structure of the Company is, therefore, optimal for leveraging these emerging opportunities and unlocking value while continuing to scale up Airtel’s digital businesses. Therefore, the scheme of arrangement for the new corporate structure announced on April 14, 2021 stands withdrawn.
Under a modified scheme, the Company, as previously approved by the Board, will merge its wholly owned subsidiary Telesonic Networks Limited, resulting in consolidation of its fiber assets into Airtel. In addition, Nettle Infrastructure Investments Limited will also be merged with Airtel. As announced earlier, the Company will pursue its plan to eventually fold the DTH business (Bharti Telemedia) into Airtel to move towards the NDCP vision of converged services to customers.
The Company’s businesses continue to be categorised under four key verticals - India, Digital, International and Infrastructure.
About Bharti Airtel
Headquartered in India, Airtel is a global communications solutions provider with over 471 mn customers in 18 countries across South Asia and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. Airtel’s retail portfolio includes high speed 4G/4.5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and cloud based communication. For more details visit www.airtel.com