Bharti Airtel said that the Competition Commission of India (CCI) has approved the proposed merger of Telenor (India) Communications with the company.
“(The) CCI vide its letter dated June 05, 2017 has approved the proposed merger of Telenor (India) Communications Pvt. Ltd., with Bharti Airtel Ltd.” according to a filing by Bharti Airtel on Tuesday.
On June 1, Bharti Airtel said it has received the approval of the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited for the proposed Scheme of merger. It added that Telenor India and Airtel have filed the joint company application before the New Delhi Bench of the National Company Law Tribunal for approval of the proposed Scheme of merger.
Airtel had announced on February 23 that it has entered into a definitive agreement with Telenor South Asia Investments Pte.
As part of the Scheme, Airtel will acquire Telenor India’s running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
“These circles represent a high population concentration and therefore offer a high potential for growth. The proposed acquisition will include transfer of all of Telenor India’s assets and customers, further augmenting Airtel’s overall customer base and network. It will also enable Airtel to further bolster its strong spectrum foot-print in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band,” according to the statement.
Published - June 06, 2017 10:41 pm IST
