“The new structure envisages Airtel Digital Limited folding into the listed entity, Bharti Airtel. This will now house all of the digital assets spanning Wynk Music, Airtel X stream, Airtel Thanks, Mitra Payments platform used by a million retailers, Airtel Ads, Airtel IQ, Airtel Secure, Airtel Cloud and all future digital products and services,” Bharti Airtel said in a statement Wednesday.
It intends to house all the telecom businesses in a newly created entity, Airtel Limited – a wholly owned subsidiary of Bharti Airtel Limited. Bharti Telemedia, the 100% arm operating DTH services will sit alongside Airtel Ltd. for now, but will eventually fold the DTH business into Airtel Limited to ensure converged services to customers.
“The company has moved the government to seek clarity on licensing policy given that carriage i.e. telecom and DTH is currently being regulated and managed under two separate ministries of Communications and I&B respectively,” Airtel said.
Airtel Payments Bank will remain a separate entity under Bharti Airtel and work closely with the growing customer base to play a pivotal role in realising the digital opportunity that payments and financial services provides.
All of the company’s infrastructure businesses such as Nxtra and Indus Towers will continue to remain in separate entities as they are currently. So will International subsidiaries and affiliates.
The Board in its meeting held today approved the scheme enabling the company to file for all statutory approvals to give effect to the proposed rearrangement.