Bharti Airtel has got approval from the Competition Commission of India (CCI) for its proposed merger with Telenor (India), the company said in a regulatory filing. The company has already received approval of the Securities and Exchange Board of India (SEBI), BSE and National Stock Exchange of India Limited (NSE) for the proposed merger with Telenor (India).
Airtel had earlier announced (on February 23, 2017) that it has entered into a definitive agreement with Telenor South Asia Investments. As part of the scheme, Airtel will acquire Telenor India's running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (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," the company said in a statement.
"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 1,800 MHz band," it added. During the acquisition announcement the deal was estimated to be in the range of Rs 1,800 crore-Rs 2,000 crore by industry sources.
Published Date: Jun 06, 2017 21:24 PM | Updated Date: Jun 06, 2017 21:24 PM