Ahmedabad-based Singhi & Co. concluded the demerger process for the Aditya Birla Group-owned telecom firm, Idea Cellular. The tower business of Idea Cellular is being demerged and will become part of a separate infrastructure company called Indus Towers. Indus Towers is a joint venture between Bharti Airtel, Vodafone Essar and Idea. Idea Cellular owns a 16 per cent stake in Indus Towers, while Bharti and Vodafone own 42 per cent each in the entity.

Sandeep Singhi, speaking to Bar & Bench, confirmed that the documentation for the demerger process before the Gujarat and the Delhi High Courts were drafted by the offices of Singhi & Co. Senior Counsel Mihir Desai appeared for the Company before the Gujarat High Court. However, the Delhi approval process was co-ordinated by the offices of Mahesh Agarwal, as Singhi & Co does not have an office in Delhi. A.K. Bhaduri, Assistant Vice President (Legal) of the Idea group, handled the in-house aspects of the demerger process.

Paginate