Bharti Airtel on 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.