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National Company Law Tribunal clears the merger of Bharti Airtel and Telenor

March 09, 2018

The National Company Law Tribunal (NCLT) has approved Bharti Airtel’s proposed merger with the Indian unit of Norway-based Telenor. Bharti Airtel had entered into an agreement with Telenor South Asia Investments Pte back in February 2017 to buy Telenor India’s operations in Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (West) and Assam telecom circles. Further, Airtel will also take on some of the operator’s local liabilities. The deal will include transfer of all of Telenor India’s assets and customers and is aimed at augmenting Airtel’s overall customer base and network.

Airtel will also take over Telenor India’s outstanding spectrum payments of some Rs 16.50 billion and other operational contracts, including tower leases with Bharti Infratel and Indus Towers, besides employees and 44 million customers. It will also enable Airtel to bolster its spectrum footprint in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band.

Further, Bharti Airtel’s proposed merger with Telenor India has been cleared by the Competition Commission of India, Securities and Exchange Board of India, Bombay Stock Exchangeand National Stock Exchange. It is now awaiting approval of the Department of Telecommunications (DoT).

 
 

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