The National Company Law Tribunal (NCLT) has approved the proposed merger
between Bharti Airtel
India. The tribunal has instructed the companies
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 Telenor
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 Airtel
augment its overall customer base and network. It will also enable Airtel
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 merger
received approval from the Securities and Exchange Board of India. The merger
has also received nod from the Competition Commission of India. The merger
is subject to other statutory approvals.