The National Company Law Tribunal (NCLT) has approved the proposed merger between Bharti Airtel and Telenor India. The tribunal has instructed the companies to hold a meeting of equity shareholders and unsecured creditors. The Sunil Bharti Mittal-led company had announced in February that it would acquire the business of Telenor India for an undisclosed sum.
Airtel would take over its spectrum in all seven circles — Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. It would also acquire its licences and operations, including its employees and customer base of 44 million. This would help Airtel augment its overall customer base and network. It will also enable Airtel to bolster its spectrum footprint in the seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band.
In June, the merger received approval from the Securities and Exchange Board of India. The merger has also received nod from the Competition Commission of India. The merger is subject to other statutory approvals.
Source: Business-Standard 