As part of the Agreement, Bharti Airtel will absorb Tata CMB’s operations across the country in nineteen circles (17 under TTSL and 2 under TTML). These circles represent bulk of India’s population and customer base.
Bharti Airtel, India's top telco and Tata on Thursday entered into an agreement to merge Consumer Mobile Businesses (CMB) of TTSL and TTML into the Sunil Mittal-led telco. As part of the agreement, Airtel will absorb Tata consumer mobile business operations across the country in nineteen circles -- 17 under TTSL and 2 under TTML. These circles represent bulk of India’s population and customer base.
The acquisition is subject to requisite regulatory approvals, the company said.
Bharti Board has on Thursday approved this transaction. The Boards of Tata Sons, TTSL and TTML separately approved this transaction. Goldman Sachs (India) Securities Private Limited is financial advisor to Tata, according to a statement.
“This is a significant development towards further consolidation in the Indian mobile industry and reinforces our commitment to lead India’s digital revolution by offering world-class and affordable telecom services through a robust technology and solid spectrum portfolio," Sunil Bharti Mittal, Chairman, Bharti Airtel, said in a joint statement.
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