GTL Infrastructure-Chennai Network deal gets CCI nod

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

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

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

The merged entity would continue to operate as GTL Infra.

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

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