NEW DELHI (TIP): Telecom operator Bharti Airtel today said it has received the approval of the SEBI, BSE and NSE for the proposed scheme of merger between Airtel and Telenor (India) Communications Private Limited.
The Sunil Bharti Mittal-owned company in February had announced to acquire the business of Telenor India for an undisclosed sum in all seven circles where the latter holds spectrum.
As part of the deal, Airtel would take over Telenor India’s spectrum, licences and operations, including its employees and customer base of 44 million. Airtel further said it will acquire Telenor India’s running operations in seven circles — Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
The company further said Telenor India and Airtel have today filed the joint company application before the New Delhi Bench of the National Company Law Tribunal for approval of the proposed scheme of merger. The merger is inter alia subject to other statutory approvals, including from the Competition Commission of India.