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GTL Infrastructure-Chennai Network deal gets CCI nod

Press Trust of India  |  New Delhi 

Telecom tower company Infrastructure Ltd has said it has received approval from the Competition Commission for the proposed with Network Infrastructure Ltd.

In a filing to the on Friday, also said requisite majority of lenders have "in-principally" approved the proposed

The implementation of the amalgamation scheme is now subject to receipt of the requisite statutory approval, including from the applicable National Company Tribunals, it said.

The merged entity would continue to operate as Infra.

Deals beyond a certain threshold require approval from the Competition Commission of (CCI), which keeps a tab on unfair business practices across sectors.

According to the filing, the proposed would create "a large neutral and independent telecom tower company with pan-presence across 22 telecom circles".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, July 15 2017. 19:28 IST