Bharti Airtel withdraws corporate structure announced in April 2021

Telecom major Bharti Airtel on Tuesday announced that that the scheme of arrangement for the new corporate structure announced on April 14, 2021 stands withdrawn.

"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 Therefore, the scheme of arrangement for the new corporate structure announced on April 14, 2021 stands withdrawn," the telco said in a statement.

It also stated that it will continue with existing corporate structure, pursuing plan to merge DTH operations with the company.

"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," the company said.

Further, the telco also said that with a strong balance sheet and 5G ready network, Bharti Airtel is well positioned to invest aggressively in the emerging growth opportunities offered by India’s digital economy.

Shares of Bharti Airtel on Tuesday ended 0.87 per cent higher at Rs 697.20 apiece on BSE.