India's largest telecom service provider Bharti Airtel said that Competition Commission of India( CCI) has approved the proposed merger of Telenor ( India) Communications Private Limited with the company.
"We wish to inform you that CCI has approved the proposed merger of Telenor( India) Communications Private Limited with Bharti Airtel Limited," Airtel said in a BSE filing.
Airtel has recently said it has received the approval of the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed Scheme of the merger between Airtel and Telenor (India) Communications Private Limited ("Scheme").
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 Scheme of a merger. The merger is inter alia subject to other statutory approvals including from the Competition Commission of India.
Airtel had earlier announced (February 23, 2017) that it has entered into a definitive agreement with Telenor South Asia Investments Re Ltd ("Telenor"). As part of the Scheme, Airtel will acquire Telenor India's running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth.
The proposed acquisition will include a transfer of all of Telenor India's assets and customers, further augmenting Airtel's overall customer base and network. It will also enable Airtel to further bolster its strong spectrum footprint in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band.