Bharti Airtel completed the acquisition of the consumer mobile business of Tata Teleservices, giving the third largest mobile operator in India access to valuable 4G spectrum across three bands.
In a stock market filing, Airtel said all customers, assets, spectrum and agreed liabilities of Tata Teleservices’ consumer mobile business and Tata Teleservices Maharashtra are now combined with Airtel.
It added it closed the deal after gaining necessary clearances from the Department of Telecommunications (DoT) and National Company Law Tribunal.
The DoT gave the deal its blessing in April, on the condition Airtel secured bank guarantees to cover spectrum charges. The Economic Times reported Airtel submitted around half of the INR12.9 billion ($187 million) demanded by the government with India’s Telecom Disputes Settlement and Appellate Tribunal (TDSAT) in May.
Airtel acquires 71.25MHz of spectrum in the 850MHz, 1800MHz and 2100MHz bands previously held by Tata Teleservices.
Over the last 18 months several other regulators, including the Competition Commission of India and Security Exchange Board of India, already gave the green light.
The deal was first announced in October 2017 and came at a time when a number of operators were cutting costs and combining operations following the disruptive entry of low cost rival Reliance Jio.Subscribe to our daily newsletter Back