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OVER 40 million customers will stand to benefit from 4G Mobile when Bharti Airtel Limited (BTL) completes the merger of its Consumer Mobile Businesses (CMB) with Tata Teleservices.
As of August 2016, Singtel owns a 7.39 per cent stake in BTL.
The proposed merger is done on a debt-free cash-free basis. All past liabilities will be settled by Tata, and BTL will assume a small portion of the unpaid spectrum liability of Tata.
The transaction will provide BTL the right to use Tata's existing fibre network and bolster its pre-eminent spectrum pool with significant additional spectrum in 1800, 2100 and 850 MHz bands, all widely used for 4G.
The merger of Tata's customers and revenue base will also augment BTL's revenue market share.
Tata will retain its stake in Viom Networks and take care of associated liabilities. Its employees will be demerged on the lines of two businesses, namely CMB and EFL (Enterprise and Fixed Line and Broadband), the company said on Friday.
BTL chairman, Sunil Bharti Mittal 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."
"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," he added.