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Tata cleared USD7bn dues to complete sale of mobile units

8 Jul 2019

Indian conglomerate Tata Group cleared dues to the government and lenders totalling around INR500 billion (USD7.3 billion) to complete the sale of its mobile consumer businesses to Bharti Airtel, Live Mint reports, citing a spokesperson from the company. The group paid INR100 billion to the Department of Telecommunications (DoT) and cleared debts owed by Tata Teleservices (Maharashtra) Limited (TTML) amounting to roughly INR400 billion. ‘All debt obligations of the consumer mobile business of Tata Teleservices have been repaid as per schedule,’ the spokesperson was quoted as saying. As previously reported by TeleGeography’s CommsUpdate, the sale was agreed in October 2017 and the merger finally took effect on 1 July 2019.

India, Bharti Airtel, Tata Tele Business Services (TTBS, previously TTSL/TTML)

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