Indian global telecommunications services Bharti Airtel will soon acquire the mobile business operations of Tata Teleservices.
The announcement of the merger was made on Thursday.
An official statement reads, “The Boards of Tata Sons, TTSL and TTML separately approved this transaction. Goldman Sachs (India) Securities Private Limited is the financial advisor to Tata”.
This step has been taken on a debt-free cash-free basis.
It was reported that the decision took place in the Bharti board meeting which took place on Thursday.
Sunil Bharti Mittal, Chairman of Bharti Airtel said in a statement, “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”.
It was observed that the Boards of Tata Sons, TTSL, and TTML had also given their approval.
Airtel will not take any debt with Tata Teleservices and neither will it pay any cash for the same.
Adding further to this, he said “This is a significant development towards further 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. On completion, the proposed acquisition will undergo seamless integration, both on the customer as well as the network side, and further strengthen our market position in several key circles”.