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Deals

India's Bharti Infratel to go ahead with Indus Towers merger

BENGALURU (Reuters) - Bharti Infratel Ltd BHRI.NS will go ahead with its long-delayed merger with Indus Towers, the telecom infrastructure firm said on Tuesday.

Infratel will be a majority shareholder in the merged entity with a likely stake of 68.6%, while London-listed Vodafone Group Plc VOD.L will hold 28.2%, the company said in a regulatory filing here.

Vodafone Idea Ltd VODA.NS will cash out its 11.15% stake for an approximated 40 billion rupees ($546.05 million), Infratel said.

Bharti Infratel had announced the deal with Indus Towers in 2018 to form a $14.6-billion telecom tower giant.

Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V

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