Vodafone Group on Monday said that it had received approval from its lenders for proceeding the merger of Indus Towers with Bharti Infratel. Currently, Vodafone Idea holds about 11.15 per cent stake in Indus Towers and is estimated at a value of around Rs 4,000 crore.

On 1 September 2020, the British telecom major group had announced that it had agreed for the merging of Indus Towers Ltd. and Bharti Infratel Ltd. Vodafone in a statement said, “The agreement to proceed was conditional on consent for a security package for the benefit of the combined company from Vodafone’s existing lenders, for the 1.3 billion euros (about Rs 11,100 crore) loan utilised to fund Vodafone’s contribution to the Vodafone Idea Ltd rights issue in 2019. This consent has now been received”. 

The parties will be now approaching the National Company Law Tribunal for making the merger scheme effective. “The parties are working to complete the transaction expeditiously,” Vodafone added.