Bharti withdraws plan for corporate restructuring
The Hindu
‘Existing structure optimum for digital’
Bharti Airtel on Tuesday withdrew the scheme of arrangement for the new corporate structure announced in April last year, stating that it believes that the existing structure is optimal for leveraging emerging opportunities.
“The board of directors (“board”) of Airtel is of the view that the existing corporate structure of the company is, therefore, optimal for leveraging these emerging opportunities and unlocking value while continuing to scale up Airtel’s digital businesses. Therefore, the scheme of arrangement for the new corporate structure announced on April 14, 2021 stands withdrawn,” it said in a statement.
It added that the telecom sector reforms package announced by the government has significantly boosted the outlook and investor confidence for the industry while simplifying the licence framework. “With a strong balance sheet and 5G ready network, Bharti Airtel is well positioned to invest aggressively in the emerging growth opportunities offered by India’s digital economy,” it added.
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