Anil Ambani-driven RCom gets CCI nod to merge with Aircel
Anil Ambani-driven Reliance Communications (RCom ) Monday said it has received an approval from the Competition Commission of India ( CCI) to combine its cellular business with Aircel .
"We have received approval of the CCI for the proposed Scheme of Arrangement for demerger of the Wireless division of the Company into Aircel Limited and Dishnet Wireless Limited," the telco in a statement said.
The Mumbai-based company has already received approval from the Securities and Exchange Board of India (SEBI ), Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE) for the proposed merger.
The dual technology telco has also an applied for approval of the scheme with the Mumbai bench of the National Company Law Tribunal (NCLT).
The company and the present shareholders of Aircel will hold 50% each in Aircel Ltd., according to RCom statement which further added that the proposed transaction is subject to other necessary approvals.
In 2016, RCom had announced the merger of its wireless operations with unlisted operator Aircel, marking the move towards consolidation in the Indian telecom space with an aim to create a stronger fourth-largest telco in the Indian market.
RCom is also merging its operations with Sistema Shyam Teleservices ( MTS ) and the combined RCom-Aircel-MTS entity – which is expected to be renamed at a later stage – is expected to have an asset base of over Rs 65,000 crore ($9.7 billion) and net worth of Rs. 35,000 crore ($5.2 billion).
Anil Ambani-driven RCom gets CCI nod to merge with Aircel, Telecom News, ET Telecom
