GTL Infrastructure gets CCI approval for Chennai Network Infrastructure merger

NEW DELHI: Telecom tower company GTL Infrastructure (GTL Infra) has said it has received approval from the Competition Commission of India (CCI) for the proposed merger with Chennai Network Infrastructure Ltd.

"We are pleased to inform you that the Competition Commission of India has accorded its approval for the proposed Scheme of Amalgamation (Scheme) between Chennai Network Infrastructure Limited (CNIL) and GTL Infrastructure Limited (GTL Infra)," the company informed BSE (Bombay Stock Exchange).

"It may also be noted that the requisite majority of the lenders in the Joint Lenders Forum meeting in-principally approved the proposed merger. The implementation of the Scheme is now subject to receipt of the requisite statutory approvals, including from the applicable National Company Law Tribunals," it said.

The highlights of the merged entity are as under:
• The merged entity will continue to operate as GTL Infra
• The proposed merger will create a large neutral and independent telecom tower company with pan-India presence across 22 telecom circles having 27,759 towers with 50,845 tenants as on March 31, 2017.