Debt laden Tata teleservices and Tata Teleservices Maharashtra together referred as Tata to combine their Consumer Mobile Business with Bharti Airtel, Tata group announced on Thursday.
Now, over 40 million consumers of Tata will join the Airtel network.
The merger between the two will on a debt-free cash-free basis. All the past liabilities and debts will be settled by the Tata group before Airtel will take over.
Bharti Airtel will take a small portion of the unpaid spectrumm liability of Tata.
The proposed merger will let Bharti Airtel to bolster its strong spectrum foot-print with the addition of 178.5 MHz spectrum (of which 71.3 MHz is liberalised) in the 850, 1800 & 2100 MHz bands, read the press release issued by the company.
It also stated that Bharti Airtel will ensure quality services to Tata CMB’s customers.
Sunil Bharti Mittal, Chairman, Bharti Airtel, 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. 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
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