Bharti Airtel Limited and Tata, India’s leading conglomerate, announced that they have entered into an understanding to merge Consumer Mobile Businesses of TTSL and TTML into Bharti Airtel.
The acquisition is subject to requisite regulatory approvals.
As part of the Agreement, Bharti Airtel will absorb Tata CMB’s operations across the country innineteen circles (17 under TTSL and 2 under TTML). These circles represent bulk of India’s
population and customer base.
The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel’s overall customer base and network.
Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation,that will be value accretive for both the Groups.
Sunil Bharti Mittal, Chairman, Bharti Airtel, said, “This is a significant development towardsfurther consolidation in the Indian mobile industry and reinforces our commitment to lead India’s
digital revolution by offering world-class and affordable telecom services through a robust technology and solid spectrum portfolio. The customers of Tata will be able to enjoy India’s widest and fastest voice & data network, and bouquet of Airtel’s best-in-class products and services.”
“The acquisition of additional spectrum made an attractive business proposition. It will further strengthen our already solid portfolio and create substantial long term value for our shareholders given the significant synergies.”
N Chandrasekaran, Chairman, Tata Sons, said, “We believe today’s agreement is the bestand most optimal solution for the Tata Group and its stakeholders. Finding the right home for our longstanding customers and our employees has been the priority for us. We have evaluated multiple options and are pleased to have this agreement with Bharti.”