 | |
| Company type | Public |
|---|---|
| ISIN | INE121J01017 |
| Industry | Telecommunications |
| Founded | July 2007 (2007-07) |
| Defunct | 19 November 2020 (2020-11-19) |
| Fate | Merged withIndus Towers |
| Successor | Indus Towers |
| Headquarters | 901, Park Centra, Sector 30,NH 8,, India[1] |
Number of locations | 95,372 towers[1] (March 2020) |
Area served | India |
Key people | |
| Revenue |  ₹6,871.7 crore (US$810 million)[3] (FY20) |
 ₹3,787.5 crore (US$450 million)[3] (FY20) | |
| ₹3,298.7 crore (US$390 million)[3] (FY20) | |
| Total assets | ₹20,158.8 crore (US$2.4 billion)[3] (FY20) |
| Total equity | ₹13,542.3 crore (US$1.6 billion)[3] (FY20) |
Number of employees | 2,402[3] (FY20) |
| Parent | Bharti Airtel |
Bharti Infratel Limited was an Indiantelecommunications infrastructure company that provided telecom infrastructure such as telecom towers, fiber networks and other related infrastructure.[4] Headquartered inGurugram,Haryana, the company was established byBharti Airtel in July 2007 byspinning-off itsmobile towers to a new wholly-ownedsubsidiary. Bharti Infratel was the first Indian company to start a tower infrastructure sharing business. It was India's largest consolidated tower infrastructure company, directly owning 95,372 towers as on 31 March 2020.[1]
Bharti Infratel was merged withIndus Towers on 19 November 2020. Bharti Airtel now holds a 36.73% stake in Indus Towers.[5]
On 23 January 2007,Bharti Airtel announced that it wouldspin-off itsmobile towers to a new wholly-ownedsubsidiary called Bharti Infratel Limited.[6] Bharti Infratel Limited was incorporated in July 2007.[7]
Bharti Infratel initiated aninitial public offering (IPO) in December 2012 raising US$764 million.[8] The IPO was subscribed 1.3 times and was the largest IPO in India sinceCoal India in October 2010.[9] Bharti Infratel was listed on theBombay Stock Exchange and theNational Stock Exchange on 28 December 2012.[3]
The company used to be in theNIFTY 50index. In September 2020,Divi's Laboratories andSBI Life Insurance Company replaced Bharti Infratel andZee Entertainment Enterprises on the index.[10][11]
Indus Towers was incorporated in November 2007 as an Indian telecommunications infrastructure company offering passiveinfrastructure services to telecom operators and other wireless services providers such as broadband service providers.[12] Bharti Infratel held a 42% stake in the company, withVodafone Group holding 42% and Vodafone Idea holding 11.15%.[13] The remaining 4.85% stake was held by private equity firmProvidence Equity.[14]
Bharti Airtel, Vodafone Group, and Vodafone Idea announced on 25 April 2018 that they had signed an agreement tomerge Bharti Infratel with Indus Towers.[15] The merger was originally planned to go through before October 2019. However, due to delays in approvals, it was postponed to December 2019 by when theDepartment of Telecommunications (DoT) was supposed to give its permission. Owing to further delays by the DoT and theNational Company Law Tribunal, the deadline was extended multiple times to 24 June 2020.[16][17]
The DoT approved the merger on 21 February 2020.[18] The merger receivedforeign direct investment approval and was due to be completed by 31 August.[19] The merger was approved by Bharti Infratel's board on 1 September, and by Vodafone Group in October 2020.[20]
The merger was completed on 19 November 2020. Vodafone Idea received₹3,760.1 crore (US$440 million) as compensation for its 11.15% stake. Post-merger, Bharti Airtel received a 36.73% stake in the merged entity and Vodafone Group held a 28.12% stake.[5] The remaining shares are held by private equity firm Providence Equity Partners (3.1%) and public shares (35.2%).[21] The merger made Indus Towers the second largest telecom tower infrastructure operator in the world.[22]
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