Indus Towers, Bharti Infratel Merger In Advanced Stage; Bimal Dayal Named CEO Of New Entity
Bharti and Vodafone Group on Tuesday named Bimal Dayal as the chief executive officer of the mega tower company proposed to be formed from merger of Indus Towers and Bharti Infratel Ltd., and said the merger process is in "advanced stage of completion".
Dayal will be responsible for the combined business and take forward integration of the two companies in preparation of the merger, a joint statement said.
"Bimal Dayal (currently CEO, Indus Towers) is proposed to be appointed as the Chief Executive Officer of the merged entity," it said.
Hemant Ruia, currently CFO of Indus Towers, is proposed to be appointed as the Chief Financial Officer of the combined entity, the statement added.
The existing leadership teams of both Indus Towers and Bharti Infratel will continue to manage their respective businesses till the merger becomes effective.
"Shareholder Groups (Bharti and Vodafone Group) of combined entity resulting from the merger of Indus Towers with Bharti Infratel today announced that the merger process is at an advanced stage of completion," the statement said.
Bharti and Vodafone Group look forward to early completion of the merger and move towards successful integration, it noted.
The merger of Bharti Infratel and Indus Towers will create a pan-India tower company, with over 163,000 towers, operating across all 22 telecom service areas in India.