Bharti Airtel has received the approval of the Securities and Exchange Board of India (SEBI), BSE and National Stock Exchange for the proposed scheme of merger between Airtel and Telenor (India) Communications Private Ltd.
Now both have filed the application before the New Delhi Bench of the National Company Law Tribunal for approval of the proposed scheme of merger.
Airtel has entered into a agreement with Telenor South Asia Investments Pte Ltd (Telenor) and as part of the scheme, it will acquire Telenor India’s running operations in seven circles — Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
The proposed acquisition will include transfer of all of Telenor India’s assets and customers, further augmenting Airtel’s overall customer base and network.