Bharti Airtel has received the approval of the Securities and Exchange Board of India (SEBI), BSE and National Stock Exchange of India Limited (NSE) for the proposed merger with Telenor (India), a company statement said. Bharti Airtel further stated that Telenor India and Airtel have filed the joint company application before the New Delhi Bench of the National Company Law Tribunal for approval of the proposed merger. Also Read - Fake WhatsApp message claims free internet for three months, don't fall for itAlso Read - Prepaid to postpaid and vice versa with OTP: Operators propose simple conversion process
“The merger is inter alia subject to other statutory approvals including from the Competition Commission of India,” the statement said. Airtel had earlier announced (February 23, 2017) that it has entered into a definitive agreement with Telenor South Asia Investments. As part of the scheme, Airtel will acquire Telenor India’s running operations in seven circles – Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (West) and Assam.
“These circles represent a high population concentration and therefore offer a high potential for growth. The proposed acquisition will include the transfer of all of Telenor India’s assets and customers, further augmenting Airtel’s overall customer base and network,” the statement said. “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 1,800 MHz band,” it added. ALSO READ: MTNL-BSNL merger desirable for strong pan-India play, says official
During the acquisition announcement, the deal was estimated to be in the range of Rs 1,800 crore-Rs 2,000 crore by industry sources.