Bharti Airtel announced the completion of the acquisition of Telenor India Communications as part of the company strategy to enhance spectrum and customer base.
The telecom department Monday approved the merger of Norwegian telecom major's India arm - Telenor India - with India's leading carrier Bharti Airtel.
All existing customers of Telenor India will now become a part of India's largest mobile network and will enjoy world-class services - high speed data, voice and content - at affordable prices. "We would like to thank all the concerned authorities and stakeholders for granting approvals to this transaction". All the customers will be transitioned seamlessly to the Airtel network and will continue to enjoy uninterrupted services with the Same SIM, Same Number, and Same Plan/Pack benefits, said Bharti Airtel on Monday in a stock market filing. These represent high population concentration and, therefore, offer high potential for growth.
Last week, the Supreme Court dismissed the petition of DoT challenging the order of telecom tribunal TDSAT which had directed the government to clear a deal between Bharti Airtel-Telenor without a bank guarantee of Rs 1,499 crore.
The guarantee included Rs 1,499 crore for one-time spectrum charge for the radiowaves allocated to Airtel without auction, and over Rs 200 crore for spectrum payment which Telenor has to make.
Bharti Airtel had received the approval of the Securities and Exchange Board of India (SEBI), BSE, National Stock Exchange of India Limited (NSE) and Competition Commission of India for the proposed merger with Telenor (India) in June past year.
Airtel will add 5 MHz to 7.2 MHz of Telenor's spectrum (1800 band) in each of the seven circles.
DoT is to yet to take a final decision on giving approval to Vodafone and Idea Cellular due to pending spectrum fee related issues.