Indian group GTL Infrastructure has announced that its board of directors would meet on November 1 to consider a potential merger between the company and one of its units.
Chennai Network Infrastructure, a special purpose vehicle, was the subsidiary used…
Indian group GTL Infrastructure has announced that its board of directors would meet on November 1 to consider a potential merger between the company and one of its units.
Chennai Network Infrastructure, a special purpose vehicle, was the subsidiary used by GTL to acquire the Aircel tower business for Rs80bn (US$1.8bn) in January this year.
In a notice to the Mumbai stock exchange, GTL also said that its board would consider and approve the company’s unaudited results for the quarter ended September 30.
This announcement comes a few weeks after GTL stated that its US$11bn merger with the Reliance Infratel towers business had been scrapped.
While no reasons were given for the deal collapse, one analyst suspected there had been valuation differences between the two companies.
GTL could not be reached for comment.
