Country’s largest telecom operator Bharti Airtel today said it has secured approvals from SEBI and Stock Exchanges for its proposed acquisition of Telenor India.
The Telenor acquisition was announced in February this year.
Because Airtel is a listed company in India, it was mandatory for the telco to get the nod from the exchanges. Now, both National Stock Exchange (NSE) and BSE Limited, earlier Bombay Stock Exchange, have given their approval for the merger besides the Securities and Exchange Board of India (SEBI).
Besides, Bharti Airtel today said 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.
Both the companies also need approvals including from the Competition Commission of India.
In February, when the Telenor acquisition was announced, Airtel had said the deal will be closed in next 12 months. The scheme seems to be in track.
As part of the agreement, 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. Airtel will ensure quality services to Telenor India’s customers, while offering them the added benefits of its innovative product portfolio, access to superior voice & data services, mobile banking, VAS and domestic/ international roaming facilities. Telenor India’s operations and services will continue as normal until the completion of the transaction.
After Telenor Acquisition, Bharti Airtel had also announced to acquire Tikona Wireless in March this year.