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NCLT approves Airtel-Telenor merger

Firms told to hold a meeting of equity shareholders and unsecured creditors

BS Reporters 

Bharti Airtel, Airtel

The National Company Law Tribunal (NCLT) has approved the proposed between Bharti and India. The tribunal has instructed the to hold a meeting of equity shareholders and unsecured creditors. The Sunil Bharti Mittal-led company had announced in February that it would acquire the business of India for an undisclosed sum. 

would take over its spectrum in all seven circles — Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. It would also acquire its licences and operations, including its employees and customer base of 44 million. This would help augment its overall customer base and network. It will also enable to bolster its spectrum footprint in the seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band. 

In June, the received approval from the Securities and Exchange Board of India. The has also received nod from the Competition Commission of India. The is subject to other statutory approvals.

First Published: Thu, August 03 2017. 01:03 IST