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According to news report, National Company Law Tribunal (NCLT) has given a nod for merger between Bharti Airtel and Telenor. NCLT has directed both the companies to hold a meeting of equity shareholders and unsecured creditors. In June, Bharti Airtel has already received a clearance from the Competition Commission of India (CCI), Securities & Exchange Board of India (Sebi), BSE and the National Stock Exchange of India.
With this acquisition, Bharti Airtel will be strengthening its 4G spectrum holdings and revenue share. After the closure of the deal, Airtel will get hold of Telenor’s 43.4 units of 4G spectrum in 1,800 MHz band which will help the company to reinforce its position in the battle with Reliance Jio Infocomm.
On the other side, Airtel will also take over Telenor’s outstanding spectrum payments of some Rs.1,650 crore and other operational contracts which include tower leases with Bharti Infratel and Indus Towers, besides employees and 44 million customers.
The merger is subject to other statutory approvals.
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