Airtel-Telenor Merger Receives CCI Approval

Share on Facebook Tweet Share Reddit Comment
Airtel-Telenor Merger Receives CCI Approval
Highlights
  • Airtel and Telenor merger got a nod from CCI
  • Last, SEBI, BSE, and others approved the merger
  • Airtel and Telenor announced merger in February this year

Bharti Airtel on Tuesday said the Competition Commission of India (CCI) has approved the proposed merger of Telenor India with the company.

Last week, Bharti Airtel and Telenor India also filed a joint application before National Company Law Tribunal for approval of their merger following nod from the market regulator Sebi and stock exchanges - BSE and NSE.

"We wish to inform you that Competition Commission of India (CCI) vide its letter dated June 5, 2017 has approved the proposed merger of Telenor (India) Communications Pvt Ltd with Bharti Airtel Ltd," the company said in a BSE filing.

Airtel and Telenor signed the agreement for merger on February 2017 under which 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," the company had earlier said.

It will also enable Airtel to further bolster its strong spectrum footprint in these seven circles, with the addition of 43.4MHz spectrum in the 1800MHz band - widely known as 2G spectrum, but it is now being used for 4G services as well.

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and subscribe to our YouTube channel.

ZTE V870 With 4GB RAM, Snapdragon 435 SoC Launched: Price, Specifications, and More
 
 

Advertisement

 

Advertisement

© Copyright Red Pixels Ventures Limited 2019. All rights reserved.