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Bharti Airtel to acquire Tata's consumer mobile business
12 October 2017, 05:27 | Edward Lowe
Tata Teleservices to merge consumer mobile business with Bharti Airtel
It will further strengthen our already solid portfolio and create substantial long term value for our shareholders given the significant synergies.
Earlier this year, Vodafone India and Idea Cellular agreed to merge their operations to create the country's largest telecom operator worth of more than Dollars 23 billion (roughly Rs 1,51,153 crore) with 35 per cent market share.
The merger will be on a debt-free, cash-free basis and all past liabilities and dues to be settled by Tata, the companies said in a statement.
Any such transaction will be subject to respective boards and other requisite approvals.
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The merger is being done on a debt-free cash-free basis, except for Bharti Airtel assuming a small portion of the unpaid spectrum liability of Tata's towards DoT, which is to be paid on deferred basis, the statement added.
Bharti Airtlel Ltd, India's largest mobile-phone operator, has agreed to acquire the consumer telecom business of the diversified Tata Group, the companies said in a joint statement.
As a part of this transaction, Airtel will take over Tata's operations in 19 circles across the country, two of which are under TTML and the rest are under TTSL.
Through the deal Bharti has the potential to tap almost 40 million Tata Tele customers. 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.
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"We believe today's agreement is the best and most optimal solution for the Tata Group and its stakeholders".
As part of the deal, Tata's mobile customers in 19 service areas will move to Bharti Airtel along with airwaves that Tata had purchased. Finding the right home for our longstanding customers and our employees has been the priority for us.
Without giving the exact number of employees being transferred to Airtel, he admitted that the Sunil Bharti Mittal firm may look at optimisation of staff on ground after the merger.
Tata Teleservices and its unit Tata Teleservices (Maharashtra) Ltd have more than 40 million subscribers and rank ninth in India's telecoms market, which had a total of 1.2 billion mobile subscriptions at the end of July. It of course might have to fork out U.S. $ 1.2 billion to the government if it wants to liberalise the 1800 Mhz spectrum which its gets from TTSL but the choice of that will be with Bharti.
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