Tata Group's Telecom Segment Tata Teleservices has announced to merge its Consumer Telecom business with Bharti Airtel. After this acquisition, 40 lakh Tata Docomo users will be switched to Airtel.
Recently, it was reported that the Tata Group has been officially informed about the preparation of closure of its telecom business and the government (DoT) for this.
Under the Tata Teleservices and Bharti Airtel agreement, Bharti Airtel will acquire business operations of Tata Teleservices. Tata Group's telecom business is in 19 circles and all of them will be Airtel.
According to the company, this acquisition has been sent for regulatoryapproval at the moment , only after this it will be valid. According to the report of ET, Bharti has given green signal to this transaction on Thursday.
Under this merger, all the Tata Assets and all the customers of the CMB will be Bharti Airtel. Apart from this, Bharti Airtel will also benefit from spectrum and now the company has 178.5 MHz spectrum.
According to the report, this merger will be debt free cash free. However, Bharti Airtel may have to pay a small part of the amount of the spectrum taken by Tata Teleservices to the DoT.
According to the agreement, Bharti Airtel will have to ensure that Tata's customers will get the best quality service. Apart from this, they will get extra service including voice and data.
Tata Sons Chairman N Chandrasekharan has said, "We are sure this agreement is the best option for the Tata Group and the company's share holders. It has been our priority to find a good home for our customers and staff for a long time. We looked at several options and we are happy that we are now negotiating with Bharti.
Bharti Airtel chairman Sunil Mittal has said in the joint statement that it is important development in terms of providing world class service under the Indian mobile industry and digital revolution.
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tata teleservices announces telecom business merger with bharti airtel ttec
