NEW DELHI: Months after a government bailout package gave a new lease of life and financial muscle to telecom companies, Bharti Airtel on Tuesday said it is withdrawing its proposed scheme for a new corporate structure that had been announced in April last year.
And while maintaining the current corporate structure, the company said it will merge wholly-owned subsidiary Telesonic Networks with itself, resulting in consolidation of fibre assets. It will also merge Nettle Infrastructure Investments into Airtel.
The scheme of arrangement for the proposed new corporate structure, announced on April 14, 2021, was withdrawn as the company's board was of the view that the existing structure of the company is optimal for leveraging emerging opportunities and unlocking value, while continuing to scale up the digital businesses, Airtel said in a statement. "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," it added.
