Bharti Airtel has received the approval of the Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) for the proposed scheme of merger between Airtel and Telenor (India) Communications.
Telenor India and Airtel have filed the joint company application on June 01, 2017, before the New Delhi Bench of the National Company Law Tribunal for approval of the proposed scheme of merger. The merger is subject to other statutory approvals including from the Competition Commission of India.
Earlier in February 23, 2017, Airtel had entered into a definitive agreement with Telenor South Asia Investments (Telenor). 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.
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.