New Delhi, June 2: The proposed merger of Bharti Airtel with Telenor (India) has received the approval of the Securities and Exchange Board of India (SEBI), BSE and National Stock Exchange of India Limited (NSE), says company in a statement.
New Delhi Bench of the National Company Law Tribunal received a joint company application from Airtel and Telenor for approval of the proposed merger.
“The merger is inter alia subject to other statutory approvals including from the Competition Commission of India,” the statement said.
On February 23, 2017 Airtel announced it 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 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.
The deal of acquisition was estimated to be Rs 1,800 crore-Rs 2,000 crore by industry sources.