Vodafone gets nod from lenders for tower tie-up

Vodafone Group has received approval from its creditors for the merger of Indian infrastructure firms Indus Towers and Bharti Infratel, the Economic Times writes. The UK-based group noted that the agreement to proceed with the transaction was conditional on consent for a security package from Vodafone’s existing lenders, referring to an EUR1.3 billion (USD1.53 billion) loan utilised to bankroll the group’s contribution to Vodafone Idea Limited’s (VIL’s) rights issue in 2019. With the assent of its lenders, the companies will now approach the National Company Law Tribunal (NCLT) for the merger to take effect, the group added. The combined entity formed by the merger of Indus Towers and Bharti Infratel will control a portfolio of around 169,000 telecom towers nationwide.