Bharti Airtel Thursday said it has obtained board approval for merger of its wholly-owned subsidiary Airtel Broadband Services with itself, the company said in a statement to the Bombay Stock Exchange (BSE).
"The board of directors of the company has approved the Scheme of Amalgamation of Airtel Broadband Services Private Limited (formerly known as Wireless Business Services Private Limited) a wholly-owned subsidiary with the company," it said.
Bharti Airtel acquired 100 percent equity shares of Wireless Business Services Private Limited (WBSPL) Oct 18, making it a wholly-owned subsidiary.
The company had picked up 49 percent stake in WBSPL in May 2012 for $165 million. In July this year, it increased its stake to 51 percent.
WBSPL, founded by US-based Qualcomm, holds BWA (broadband wireless access) spectrum in telecom circles of Mumbai, Delhi, Haryana and Kerala.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app