Bharti Airtel Board approves scheme for takeover of Tata’s telcom business

Bharti Airtel has announced that the Board of Directors has approved Composite scheme of arrangement between Tata Teleservices Limited (Transferor Company), Bharti Airtel Limited (Transferee Company 1) and Bharti Hexacom Limited (Transferee Company 2) and their respective shareholders and creditors, under sections 230 to 232 of the Companies Act, 2013 (‘Scheme 1’).

The board approved an arrangement for takeover of consumer mobile business of Tata Teleservices.

The board also approved Scheme of arrangement between Tata Teleservices (Maharashtra) Limited (Transferor Company) and Bharti Airtel Limited (Transferee Company) and their respective shareholders and creditors, under sections 230 to 232 of the Companies Act, 2013

The turnover of TTSL during 2016-17 was INR 7,366 crore (about 12% of the INR 62,276 crore turnover of Airtel for the same period).

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Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.
yash@newsbarons.com
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