Bharti Airtel receives SEBI and Stock Exchange approvals for Telenor India merger
Bharti Airtel, India’s largest telecommunications services provider has received the approval of the Securities and Exchange Board of India (SEBI), BSE Limited and National Stock Exchange of India Limited for the proposed scheme of merger between Airtel and Telenor (India) Communications Private Limited.
Bharti Airtel further stated that 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.
Airtel had earlier announced that it has entered into a definitive agreement with Telenor South Asia Investments Pte Ltd. 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.