"The demerger of the towers which were owned by the mobile companies and a subsequent merger into Indus Towers has been approved and this property is being filed with the RoC. The timing of the IPO will be decided based on market conditions," they added. Bharti Airtel, Vodafone and Idea Cellular declined to comment on the story. One of the executives mentioned earlier said "while the court order is significant, a lot of the towers under Indus are fresh towers as well". Indus Towers owns the passive infrastructure of the three telcos which together control 67% of the domestic mobile telephony revenue. Its tenancy ratio is estimated at 1.98 with operations in 15 circles. The delay in formalizing the merger of the Vodafone's assets into Indus Towers was closely tracked by rival mobile service providers and tower operators, as the consolidation carries implications for smaller telecom infra firms struggling in a debt-laden industry with falling revenues and rising energy costs.