In filings to the Bombay Stock Exchange and National Stock Exchange on Tuesday Bharti Airtel was confirmed as saying, “CCI has approved the proposed merger of Telenor (India) Communications Pvt Ltd with Bharti Airtel", having just recently announced that it has received approval of the merger from Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE) and the Bombay Stock Exchange.
In February of this year Bharti Airtel announced that it was acquiring the Indian arm of Telenor in a no-cash deal. The deal is set to not only increase its revenue market share to more than 35%, but also strengthen it in Gujarat, Maharashtra, UP (East) and UP (West) circles and also take on some of the Nordic telco’s local liabilities.
The acquisition is set to bolster Bharti Airtel’s 4G spectrum holdings and revenue market share, strengthening its hand in the battle against local competitors Reliance Jio Infocomm. Bharti Airtel will pocket 43.4 units of 4G spectrum in 1800MHz band once the Telenor deal is completed.
