GTL board nod for transfer of infra assets to GIL

The board of directors of GTL, which met today, approved a proposal for sale and transfer of infrastructure and related business & assets to a wholly-owned subsidiary, GTL Infrastructure (GIL), through a de-merger/sale process.

According to a release issued by GTL to the BSE today, an internal committee will prepare a scheme for the plan including determination of the ratio of GIL shares to be allotted in favour of company's shareholders.

The board also approved the merger of GTL Technology Investments, a wholly-owned subsidiary of the company, with the company. "This will enable to consolidate the company's investments in international businesses, e-Security, infrastructure and others under a single platform," the release added.