Indian telecoms giant Bharti Airtel has been granted approvals from the Securities and Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) for its planned acquisition of Norwegian-owned mobile provider Telenor India. The Economic Times cites a statement from Airtel as saying that the companies have filed a joint application for the approval of the merger with the New Delhi Bench of the National Company Law Tribunal. The duo are also awaiting nods from several other authorities, most notably antitrust watchdog the Competition Commission of India (CCI).
As previously reported by TeleGeography’s CommsUpdate, in February this year Telenor and Airtel signed an agreement under which the latter would acquire all of the former’s spectrum, licences and infrastructure, as well as taking on all of Telenor’s employees and its customer base of nearly 55 million users. In addition, all of Telenor’s outstanding spectrum payments and operational contracts would be transferred to Airtel.